IntradayTrade dot Net dot IN
Market Report

Wednesday, 02-Sept-2015


  • The S&P BSE Sensex lost 242.88 points, or -0.95 per cent, to settle at 25,453.56 today despite a promising start in the morning trade triggered by the government move to do away with the retrospective minimum alternate tax (MAT) on foreign portfolio investors. The broader 50-share Nifty pack fell 68.85 points, or -0.88 per cent, to close the session at 7,717.00 today. This is the lowest closing for the Sensex since August 2014.

  • The initial gains in our markets were erased by weak Asian markets, which fell for the third straight day today over concerns of weak manufacturing data from China, and weakness in the US markets in overnight trade, which raised worries over slowing global growth. Major European markets were trading in the red when our markets closed today.

  • The indices continued to drag lower today on the back of the last hour selling, said Kunal Bothra of LKP Securities. The session was volatile, however, the global markets seemed to be a lot more stable compared to last week's volatility. I think this indicates that there could be a chance of a short term bottom in the indices, provided the global markets don't crack again. Technically the previous low on Nifty at 7660 could be termed as a good support on Nifty spot, from a short term view, he said.

  • You will not see any magical recovery, but at least we will stabilise because the MAT decision will eventually reduce sell-side pressure from FIIs, said Gaurang Shah of Geojit BNP Paribas.

  • See Nifty bottoming out at 7,400-7,500 level, says Ashwani Gujral. The entire Modi rally started from broadly 5,900 because before that it was the rupee appreciation that led to the move. 50% retracement of that rally is about 7,400-7,500. So, somewhere in that vicinity the market is likely find a bottom. But, as we know things can get a lot worse before they get better so you need to wait for the market to settle down, wait for it to stop falling, wait for the selling to get done before you kind of jump in particularly with leverage long positions, he says.

NIFTY 3-Month

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