For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Weekly Market Review: GST Marks New Era, Bulls Rule Nifty

|

GST continued to hold sway on the 1st day of the week even as the market rode on high speculative bets. India's benchmark Nifty was facing stiff resistance around the 8650 mark while expectations soared for the GST Bill to be passed towards the end of the week's close.

 

Markets remained confident with the GST all set to be passed in the Rajya Sabha on the 3rd of August however traders were expecting profit booking post the passage of the bill.

 
Weekly Market Review: GST Marks New Era, Bulls Rule Nifty
Indices

The Index did see a bout of correction amidst ongoing debates in the Rajya Sabha on the most coveted bill of the month. Nifty made a low of 8548 and bounced back to close at 8606 on Thursday with expectations that the Bank of England would deliver on its promise to cut its lending rates.

Early on Friday the market opened gap up and went on to close at 8706 and fell 30 points short of its recent high of 8747. Overall, the markets hold strong and would be eagerly waiting for the RBI credit policy due on 9th August, Tuesday next week.

FII Participation

The week gone by marked the beginning of the August Expiry. Since 29th July, FII and PRO combined have bought 1711650 shares in Index Futures. This indicates that big players are building long positions in the market. Entire week saw a continuous below average buying in Index Futures.

The combine FII and Pro have seen a continued increase in long positions in Index futures and an increase of Short position in index options. In the cash segment FIIs and DIIs combined were net buyers of Rs. 1460 Crores.

International markets

International markets remained confident throughout the week with expectations that the Bank of England would deliver its promise of a rate cut. While the US GDP data reflected growth numbers below market expectations, the S&P traded at 2175 and remained close to its highs. Markets however traded with caution even as the S&P witnessed correction on the 3rd day of the week. Correction was witnessed in the Dax too with news from Japan's dented stimulus plans defused expectations of overload market sentiments.

Disclaimer Disclaimer: The contents of the article is sourced from the research report of Dynamic Levels with due permission. The report is prepared by analysts Mayak Jain and Vikash Kandoi. Dynamic Levels is a website owned by Dynamic Equities Pvt Limited, a member of BSE and NSE. You can visit Dynamic Levels by clicking: Dynamic Levels The article is not a solicitation to buy, sell in securities or other financial instruments. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and Dynamic Levels do not accept culpability for losses and/or damages arising based on information in this article.

Read more about: sensex nifty gst stock market
Story first published: Saturday, August 6, 2016, 12:35 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X