MARKET SUMMARY FOR 10 JULY 2015

After a rangebound trading session, markets gained momentum in the late trades on improved prospects for a deal to keep Greece in the currency area at a weekend summit of European leaders. A firm rally in the Capital Goods shares on expectations of higher industrial growth in May lifted the sentiments. Provisionally, the Sensex gained 70 points to end at 27,644 levels and the Nifty climbed 28 points to end at 8,357 mark The index continues to be weak but the downward momentum seems to be waning, we can expect a corrective rally. Immediately, the 8335-mark is important for its acts as the initial test level for the bulls. The most critical levels for the day, however, rest between 8362 and 8384—this zone is the most potent supply zone, which would test the abilities of both the bears and the bulls, whichever party wins the contest would set the direction of the market. However, to qualify for the contest, the bulls would need to pass the first qualifying round at the level of 8335. In case the bulls fail again, sub-8300 levels in the Nifty would come into being.

STOCK TRENDS

TCS Q1 RESULTS

TCS was down nearly 2%. The IT major reported a net profit of Rs 5,708crore, up 12.8% from Rs 5,057 crore in the first quarter of FY15. The stock is has slipped by 0.6%.At Rs 25,668 crore, revenue was up 16.1% on a year-on-year basis and six per cent sequentially. But revenue growth in dollar terms was below the Street’s estimates.

On the sectoral front, FMCG, Auto, IT indices are trading lower up to 1.2%. However, Capital Goods, Healthcare and Metal indices are trading higher up to 1%.Shares of telecom companies are trading lower after the govt ordered special audit of mobile networks to check call drops, according to media reports. Bharti Airtel falls 3%, Idea Cellular is down 3% while Reliance Communications is trading flat.Bank shares are showing an uptrend as investors bought the shares at attractive valuations. HDFC Bank, ICICI Bank, Axis Bank and SBI are up 0.5-1.5% each.Tata Motors today said it has bagged an order for supplying 1,200 multi-axle trucks to the Indian Army.Tata Motors stock was trading at Rs 401, up 0.72 per cent

TOP GAINERS AND LOSERS ARE:

Top Gainers
VEDANTA LTD (5.2%), SUN PHARMA (2.5%), BHEL (1.9%), AXIS BANK (1.5%), RELIANCE IND. (1.4%)
Top Losers
BHARTI AIRTEL (-3.0%), HIND. UNILEVER (-2.3%), GAIL (-2.2%), ONGC (-2.2%), TCS (-2.1%)