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Market Report

Monday, 21-Sept-2015

NSE

  • The S&P BSE Sensex, which had slipped as much as 250 points during the day, saw a smart rebound to close flat, down 25.93 points, or -0.10 per cent, at 26,192.98 while the 50-stock NSE Nifty ended the day with mild losses of 4.80 points, or -0.06 per cent to close at 7,977.10 today.

  • Benchmark share indices ended flat with negative bias today as gains in banks failed to offset losses in defensive shares and select index heavyweights. The domestic market made a smart recovery towards the end after trading weak throughout the day. Further, growing uncertainty after the US Fed last week decided to maintain status quo on interest rates citing global growth concerns also dampened sentiment.

  • Globally, most Asian shares followed Wall Street lower after the Federal Reserve's decision to keep interest rates at record low amid fresh concerns about global growth, particularly in China. But European markets were trading with gains at the time of writing of this report.

  • The 50-share Nifty index is likely to remain volatile in the holiday-shortened week amid derivative contracts expiry on Thursday, September 24. The next big event which investors are eyeing is the forthcoming money policy review by the Reserve Bank of India (RBI) scheduled for September 29.

  • Nifty made a panic low of 7,540 last week and since then rebounded to 8,000 level. The 7,500 level shall now act as a strong support. Nifty is likely to face stiff resistance at 8,100. The index has also made a series of lower tops and lower bottoms for the medium term. The week will see some profit booking since Nifty has risen by 500-odd points from the lows, and there shall also be some volatility due to the expiry, say experts.

  • Nifty eyes 8,200; banking stocks likely to remain buoyant, says Ashwani Gujral. I believe that once we get past 18,400 on Bank Nifty, we may possibly inch closer to 18,675 by September 29. A break above 8,050 on Nifty may possibly take the index to 8,200. The market has retested its strength and is now willing to move forward, he says.

NIFTY 3-Month

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