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Market Report

Thursday, 26-Mar-2015


  • The Sensex ended the day at 27,457.58 today, down a massive 654.25 points, or -2.33 per cent. The Nifty closed the day at 8,342.15 today, down a huge 188.65 points, or -2.21 per cent. It touched a high of 8,499.45 and a low of 8,325.35 in intraday trade today. The Sensex closed below its psychologically important level of 27,500 and the Nifty closed below 8,500 today.

  • Benchmark indices ended at their lowest closing levels since January 14, 2015 and also registered the highest percentage drop since January 6, 2015 as risk-aversion prevailed following March F&O expiry and concerns over foreign capital outflows amid geo-political tensions after Saudi Arabia led coalition of Arab nations launched air strikes on Yemen to neutralise Houthi Rebels. This led to a spike in oil prices that jumped 6% to $59.70 a barrel. According to analysts, the market may correct another 2-3 per cent in the near term in the absence of triggers.

  • Sharp sell-off in Indian markets was in-line with the weakness observed in global equity markets following weak economic data from US that led to nearly 2% decline in the US markets overnight. The Asian markets mirrored losses following the sell-off on the Wall Street and geo-political concerns in the Middle East, and Japan fell by -1.38 per cent.

  • Nifty may test 8,250 level in the short run, says Sandeep Wagle. I do not think we may see 8,500 on Nifty. The selling should take the 50-pack index probably to 8,250 level. This is the same level where the bottom would be made. Now, whether the index goes 100 points lower than that, is anybody's guess. As of now, broadly the range could be 8,300 to 8,450. I would be very comfortable shorting near the range for a 8250-8280 target, he says.

  • 'Big Modi rally' is over; let the correction play out, says Ashwani Gujral. On Thursday, the 50-pack index closed below a trend line, which started from 5,900 all the way to 7,800 levels. So, that the 'big Modi rally' has been terminated for a while and this has led to a bigger correction than what we have been used to. Chances are higher that this correction will continue. The breaking of this trend line suggests that Nifty may now move close to its 200-day moving average i.e. 8,150-8,200 levels. So, the idea should be to stay away and let the correction play out, he says.

NIFTY 3-Month

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