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Market Report

Thursday, 21-May-2015

NSE

  • The Sensex dropped 27.86 points, or -1.10 per cent, to end at 27,809.35 today; and the Nifty shed 2.25 points, or -0.03 per cent, to close at 8,421.00 today. The intraday high and low for the Nifty today was 8446.35 and 8382.50 respectively, only around 60-points.

  • Markets finished flat amid a choppy trading session owing to weakness in metal stocks due to weak Chinese factory data and disappointing quarterly results posted by Tata Steel. Also, earning numbers of blue-chips including ITC and SBI due tomorrow contributed to the decline.

  • As concerns over MAT levy ease, and the prospects of the US Federal Reserve raising rates appear weak, foreign investors seem to have resumed buying Indian equities, albeit cautiously. See our 'Market Statistics' page for full details.

  • The S&P BSE Sensex has rallied over 1300 points in a matter of 9 trading sessions and is now trading close to its next crucial psychological level of 28000. The Nifty has also managed to bounce back by nearly 400 points from its low of 8057.30 recorded on 7th May, 2015. However, a large part of the upmove that we have seen in the market is largely backed by the expectation of a rate cut by the Reserve Bank of India (RBI), due next month on 2nd June. Going forward, in absence of any triggers in the near term, the Nifty is likely to trade in a narrow-band between 8,000 and 8,450, and the actions will be more visible in individual stocks, say experts.

  • See markets gaining momentum after Nifty moves past 8450 levels, says Ashwani Gujral. For three times in the last three days, the Nifty has gone to 8450 and then failed to get past. Once, from 8430 we went down all the way to 8340. But dips are reducing in their amplitude. That means buying is coming in at higher and higher levels. Today the buying came back at 8380. So as these dips keep rising, sooner or later 8450 will get taken out and the market will gain more momentum. Beyond 8450 you will see the real market move happening, he says.

NIFTY 3-Month

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