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Market Report

Monday, 20-Apr-2015

NSE

  • The 30-share Sensex closed at 27886.21, down 555.89 points or -1.95 per cent. It touched a high of 28,539.46 and a low of 27,802.37 in trade today. The Nifty ended at 8448.10, down 157.90 points or -1.83 per cent. It touched a high of 8619.95 and a low of 8422.75 in intraday trade today.

  • The S&P BSE Sensex plunged as much as 639.73 points in intraday trade today, and over 1200 points in four trading sessions, including today's decline, which its biggest single-day drop in 3 weeks, to break below its crucial psychological level of 28000, led by losses in index heavyweights. The 50-share Nifty index also breached its crucial psychological level of 8500 on the down, to post its worst loss since March 26, dragged down by technology, realty, FMCG and auto stocks.

  • Further, selling by foreign funds and the widening trade deficit in March also dampened sentiment. Foreign investors were net sellers of stocks worth Rs 1506.86 crore today and Rs 675.71 crore last Friday. These are highest selling figures this month. See our 'Market Statistics' page.

  • Analysts are advising their clients not to panic as the uptrend still remains intact. However, they should not rush into buying every stock which has fallen considerably. The Greece situation does not look good. China is definitely slowing down. Domestically, too, the slugfest over the land acquisition bill and the impending parliamentary logjam, which will hurt legislative business, is causing nervousness, say experts.

  • The 'real' downside in the market has just begun, says Ashwani Gujral. A lot of stocks are crashing down. This will continue for the next few days. So, you need to wait to for that to end before you buy. The chances are that, we may utmost see two or three more such days of drastic falls like today. At some point, we would start finding support at 8,000-8200 levels on Nifty. One needs to wait till the market reverses the trend. Let Nifty take out the levels of 8,600 on the upside, before we can decisively conclude that the index is turning, he says.

  • Everybody is of the opinion that 8200 will be probably be the floor and that leads me to believe that probably 8250 or somewhat around that we will start seeing a recovery, says Sudip Bandyopadhyay of Destimoney Securities. I do not think that markets will go down too much from current levels. There are whole lot of things, which are happening which has made market cautious. One is, of course, the corporate results which are not at all good and in some cases, and the MAT issue has left a bad taste in the mouth as far as the FIIs are concerned, he adds.

  • A 100-point bounce back can't be ruled out, but have negative bias, says Sandeep Wagle. Broadly, Nifty may find resistance at around 8,600 level, while the 50-pack index has support at around 8,300 level. The bottom will be made somewhere near 8,300. This is where we should have a meaningful bounce back on the Nifty, he says.

NIFTY 3-Month

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