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Market Report

Thursday, 01-Oct-2015


  • The Sensex remained rangebound throughout the day before closing 66.12 points, or +0.25 per cent, higher at 26,220.95 today. The benchmark rallied as much as 275 points in early trade, as a slight jump in core sector growth print in August, and narrowing of fiscal deficit in the first five months of the financial year, gave investors hope of better times ahead.

  • The 50-stock NSE Nifty50 ended the day flat with gains of only 2.00 points, or +0.03 per cent, higher at 7,950.90 today. The initial rally in the market on overnight gains seen in the US market was, also, tempered by profit-booking on most counters that had run up in the previous two sessions.

  • Markets made a strong opening tracking firm global cues. However, they could not hold to their gains post the announcement of Indian manufacturing activity which slowed more than expected to a seven-month low in September due to softening demand and output, a business survey showed on Thursday.

  • It's primarily profit booking. 8,000 is a sentimental resistance for the Nifty, said Arun Gopalan of Systematix Shares & Stocks. We will be in a range for sometime until the corporate earnings results start coming in, he adds.

  • Seeing broader participation in market; Nifty may revisit 8,050, says Ashwani Gujral. If Nifty can hold on to 7850-7900, then the market should start trending higher. So far, the signs are that it should. Ups and downs are seen on intraday basis, but we are not losing substantially. We are hanging on to the upper end of the range. If this continues, chances are sooner or later the averages will catch up and the market will start trending higher. If we get some global support, we should get past 8,050 and see a couple of weeks of good momentum, he says.

  • Nifty likely to stay sideways in 7,700-8,020 range, says Mitesh Thacker. The market remains slightly positively biased, but breakout will happen once Nifty gets past 8,020-8,050 range. Till then, the index will trade sideways between 7,700 and 8,020. We will continue to trade with a stock-specific approach, he adds.

NIFTY 3-Month

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