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Market Report

Friday, 04-Sept-2015

NSE

  • Domestic equity benchmark Sensex slumped 562.88 points, or -2.18 per cent, today to hit a new 52-week low and cap the week with losses with a close at 25,201.95 -- marking the fourth straight weekly loss. The broader market NSE's barometer Nifty settled at 7,655.05, down 167.95 points, or -2.15 per cent. Nifty posted its lowest closing level since November 2011. Investor wealth slumped by Rs 1.92 lakh crore today as our markets sank to new 13-month lows following heavy selling in global stocks.

  • A global selloff was seen today, led by fears that a likely upbeat US jobs data, to be released later in the day, would strengthen the case for a rate hike by the US Federal Reserve in its forthcoming policy meeting beginning September 16. Market analysts said a strong non-farm payrolls data is expected to allow the US Federal Reserve to consider a September rate hike.

  • This is rekindling fears of further foreign fund outflows. Foreign institutional investors were net sellers in equities to the tune of Rs 394 crore yesterday and another massive Rs 1287.12 crore today. See our 'Market Statistics' page.

  • We are expecting further selloff in the market due to continuous selling by FIIs and negative global sentiments, leading to downside pressure, said Rohit Gadia of CapitalVia. Technically, Nifty can test the 7450 level and if this is breached, the next level can be 7,000. New investors should stay away from the market for the time being till some recovery is seen. Existing investors should wait for further correction of 4-5 per cent and then add positions, Gadia said.

  • Nifty exhibits head and shoulder pattern, sell on rallies, says Sandeep Wagle. We have confirmed a 'head and shoulder' pattern on the weekly charts. You can definitely get 100-150 point bounce back. At a close to 7,655 on Nifty, my ideal trading level would be 7,800-7,850. But certainly, the bounce back cannot exceed beyond 7,850. Overall, any move toward 7,800 should be sold into for a target of 7,450. The next target could be 7,200, he adds.

NIFTY 3-Month

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