INDIAN EQUITY MARKET WRAP UP - 20 JULY 2016

                                                
INDIAN BENCHMARKS: SENSEX ENDS UP 128 POINTS HIGHER, NIFTY 50 ABOVE 8550

Hopes of passage of the goods and services tax (GST) bill in the ongoing monsoon session of Parliament fueled a 100-point rally in the benchmark Sensex on Wednesday, lifting it near kissing distance of the 28,000 mark.

This, despite the International Monetary Fund (IMF) cutting its GDP growth forecast for 2016-17 from 7.5 per cent to 7.4 per cent, which will make still India the fastest growing large economy in the world.

Positive cues from European markets and an expected strong start to the US markets aided sentiments after a survey by the Bank of England suggested that the real impact of Brexit would be minimal in the near term.

This helped the S&P BSE Sensex close the day 128 points, or 0.43 per cent, higher at 27,915 while the 50-share NSE Nifty50 ended at 8,566, up 37 points, or .44 per cent.

HEADLINES OF THE DAY

DHFL Q1 net profit up 16% (YoY).

Reliance Jio to partner with several phone makers apart from LYF.

Anant Raj jumps 20% demerger nod.

UPCOMING RESULTS :AXIS BANK,HDFCBANK,KOTAKBANK,HINDALCO,BIOCON,ASHOKLEY,BHARATFIN,CAIRN,ITC,JSWENERGY,RAYMOND

The crucial resistance for Nifty spot is now seen at 8605 and above this 8657. Support for the immediate term is now placed at 8555 and next support will be 8490.

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