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Market Report

Monday, 27-July-2015

NSE

  • The 30-share BSE Sensex slipped below the 28,000-mark to settle at 27,561.38 today, a steep fall of 550.93 points, or -1.96 per cent, lower than its last close. The gauge has now lost 943.55 points in the last three sessions. In the process, Rs 1.50 lakh crore was wiped off from the overall investor wealth on the BSE.

  • The broader 50-share Nifty also slipped below the 8,400-level and ended the day down 160.55 points, or -1.88 per cent, at 8361.00 today. This is the third day of straight losses after a big increase last Wednesday.

  • Markets today went into a free fall with benchmark indexex crashing almost -2 per cent, the second biggest single-day drop since June 2, amid fears of tightening of P-notes rules by the govt following a recommendation by a Supreme Court panel on black money, while the Rupee fell by 12 paise to close at 64.16 against the US dollar.

  • The weakness in global markets including a crash of over -8 per cent in Shanghai stocks and a weak trend at European markets in their early trade added to negative sentiments, brokers said. The possible outcome of the US Fed meet on July 28-29 also weighed on markets sentiment.

  • Support for Nifty seen at 8,320-8,300 levels, says Mitesh Thacker. The kind of fall which we have seen in the last three sessions has pulled a lot of trend falling indicators on the downside. We are clearly looking at a threat of support at about 8,320-8,300 being taken out. If that were to happen, the next critical support will come in only around 8,100. The Bank Nifty has also had a big breakdown and has broken its 200-day average today. One may expect a strong bout of underperformance by the index now, he adds.

NIFTY 3-Month

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