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Market Report

Friday, 20-Mar-2015


  • The 30-share Sensex closed at 28,261.08 today, down 208.59 points or -0.73 per cent. The Nifty ended at 8,570.90 today, down 63.75 points or -0.74 per cent. It touched a high of 8,627.90 and a low of 8,553.00 in trade today.

  • Benchmark share indices extended losses for the third straight day as investors booked profits at higher levels with ICICI Bank and FMCG majors leading the decline. The Indian markets may be down but they are still not out, say experts who remain firm of their view that the long-term bull market still remains intact.

  • On a weekly basis, the S&P BSE Sensex closed lower for the second consecutive week in a row on Friday led by sharp cuts seen in realty, power and capital goods stocks. For the week, Sensex closed 242 points lower, while Nifty ended 76 points lower. Indian markets are likely to remain volatile in the upcoming week as well ahead of March month F&O expiry due on 26 March 2015. Analysts do not rule out further consolidation in the upcoming week.

  • The S&P BSE Sensex has plunged nearly 1000 points so far in the month of March. The Sensex has slipped from levels of 29361.50 recorded on 28 February, to an intraday low of 28242.20 on 20 March, which translates into a downside of about 1119 points. The continuous fall on the bourses also suggest that markets are going through a reality check and further upmove will be more data dependent. India Inc will start declaring their results for the January-March quarter from the second week of April, and it is going to be a muted quarter, fear experts.

  • It looks like the market breadth is further narrowing and that generally happens when the market is getting ready for a further correction, so definitely a close below 8600 is not a positive, says Ashwani Gujral. The last real support is now at 8500, once that is taken out then we start a deeper fall, he adds.

  • Market breadth to remain weak; more correction on cards, says Mitesh Thacker. This looks like a much more bigger correction. For Bank Nifty, 18,500 is an important level. On Friday, the index closed near the said level. A significant amount of correction may happen if the banking index slips below the level. For Nifty, the last swing low was at around 8,500-8,480 levels. If the 50-pack index breached the said level, then the possibility of it touching 8,200 (which is also its 200-day moving average) would rise, he adds.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)