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Market Report

Thursday, 23-Apr-2015


  • The Sensex closed at 27,735.02 today, down 155.11 points or -0.56 per cent. The Nifty ended at 8,398.30 today, down 31.40 points or -0.37 per cent. The index touched a high of 8,504.95 and a low of 8,361.85 in intraday trade.

  • The S&P BSE Sensex has plunged as much as 707 points so far in this week and is very close to wiping out its entire gains made so far in the year 2015. The Sensex recorded 27,499.42 on the 31 December 2014, and is just 235 points sway from shaving off its entire gains made in 2015, from its close of 27,735.02 registered today, April 23, 2015. However, experts are not worried and they see it as a 'healthy correction'.

  • Markets ended lower on Thursday despite the clarification on minimum alternate tax by the government while a weak monsoon forecast raised concerns about an uptick in inflation. Further, investors turned cautious ahead of fourth quarter earnings from Infosys while worries about Greece also dampened sentiment.

  • For a new trend to begin, Banknifty has to break 19000 levels, said Kunal Bothra of LKP. Every rise is getting sold into with key supports breached. Today, was no different day, where volatility was extreme. If the indices break the previous low and close below that (i.e. 8270), then it could trigger a short term correction. Else, this could very well be termed as a bounce off the support levels, he said.

  • Add midcap banking stocks to portfolio, says Ashwani Gujral. While the market may not have closed higher on Thursday, it has not gone down the way it was falling in the last few days. A retest of the 20-day moving average is likely at some point. It's a process. One good news can trigger a lot of short coverings because it is clear that the market is not getting traction on the downside. This is time to look on the other side, he says.

NIFTY 3-Month

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