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Market Report

Wednesday, 16-Sept-2015

NSE

  • The S&P BSE Sensex closed 258.04 points, or +1.00 per cent, higher at 25,963.97 while the broader 50-stock NSE Nifty ended 70.05 points, or +0.89 per cent, at 7,899.15 today. The psychological level of 7,900 was missed by a whisker at closing today. Key domestic equity indices traded with steady gains throughout the day.

  • Stocks rallied on Dalal Street on Wednesday ahead of the crucial meeting of the Federal Open Market Commission (FOMC), taking cues from the surge in the Chinese market as well as other Asian indices and an overnight rally on Wall Street. The crucial two-day Fed meeting, where it is expected to take a call on ending its loose money policy for the first time in nine years, commences in Washington later in the day.

  • Analyst suggested that market may take off after the US Fed meeting on Friday (the market will be closed on Thursday on account of Ganesh Chaturthi), once this uncertainty is over. The kind of activity we have seen over the past three days clearly shows that everyone is in a wait-and-watch mode, and the outcome of the Fed event depends on whatever happens tomorrow night in the US. So, effectively, we will start seeing some action happening in our markets on Friday itself after we open after the holiday, said Tushar Mahajan of Nomura.

  • Meanwhile, the market participants are hopeful that the Reserve Bank of India (RBI) would go ahead with a rate cut in its next monetary policy meeting on the back of favourable macro-economic data.

  • Global markets participating on the upside may bring Nifty to 8150-8200, says Ashwani Gujral. Whichever way the event plays out, the point is that this is an oversold market. And an oversold market will keep on looking at positive things to latch on to and that appears to be the case here and whatever happens we should cross 8000 may be even on Friday so people should keep a positive bias. We are bouncing of the 100-week moving average so everything is set up for a bit of a risk on trade. China has shown that possibly global markets may also participate on the upside that should easily take the market to 8150 to 8200 in the days to come, he adds.

NIFTY 3-Month

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