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Market Report

Thursday, 03-Sept-2015

NSE

  • Snapping a three-day losing streak, the 30-share BSE Sensex surged 311.22 points, or +1.22 per cent, to close at 25,764.78 today. The broader market barometer, the 50-share Nifty, gained 106.00 points, or +1.37 per cent, to settle the day at 7,823.00 today.

  • After witnessing a steep fall for last three trading sessions, markets rebounded in today's trade and ended firm on the back of renewed buying across the bourses. Apart from the positive global cues, the growth in services sector for the month of August also lifted the sentiment on D-Street.

  • The market staged a smart recovery as investors bought bluechips at attractive valuations amid strengthening global cues. There were also expectations weak GDP data, cooling inflation and mixed PMI data would create room for the Reserve Bank of India to cut rates, which lifted trading sentiments further.

  • Sentiment was also boosted by an almost 2 per cent overnight jump in Wall Street stocks after a long slump weigh down by the sluggish Chinese economy and global market turmoil. Investors also expect the US Federal Reserve to delay the impending interest rate hike in view of the global turmoil.

  • Market will be choppy going ahead; will re-test 8,000, says Mitesh Thacker. Yesterday we closed at about 7,700 or so, which was the earlier low on the hourly closing basis made on 25th of August. So, a retest has happened today. With some choppiness if we start getting past 7,850, then 7,925-7,950 should be the minimum target and a re-test of 8,000 plus levels is very much possible. It will be a choppy market, typically, bounce backs are choppy, he says.

NIFTY 3-Month

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