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Published on 16/07/2019 5:26:38 PM | Source: HDFC Securities Ltd

Daily market quote by Deepak Jasani, HDFC securities 16 July 2019

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Below is the Views On daily market quote by Mr. Deepak Jasani, Head Retail Research, HDFC securities 

 

Markets ended with hefty gains on Tuesday rising for the second consecutive day.  In  the  process, the Nifty broke out of the recent trading range and closed  at 6 day high. The Nifty index ended 72.7 points or 0.63% higher at 11,661.05.  Broad  market  indices  like the BSE Mid Cap index gained more, thereby  outperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE. Some sense of stability in broader markets seem to be returning.    

Sectorally,  the  top  gainers  were  the BSE Realty, Oil and Gas, Consumer Durables and Power indices. The top loser was the BSE IT index.    

Yes  Bank  shares closed 11.4% higher after a media report indicated that 4 private  equity  firms  have showed interest for major stake in the private sector lender.    

Most  Asian  stock  markets  rose  on  Tuesday,  but  gains were limited as investors  awaited  U.S.  retail sales data and corporate earnings to gauge the  health  of the world’s biggest economy ahead of a likely U.S. rate cut later this month.    

Technically,  while  the  Nifty  has  rallied  today,  the underlying trend remains  down.  The  Nifty would need to cross the immediate highs of 11710 for  the  current short term downtrend to reverse. Immediate support is now at 11574.

 

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