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Market Report

Monday, 05-Oct-2015

NSE

  • The S&P BSE Sensex rallied 564.60 points, or +2.15 per cent, during the day to close at 26,785.55 while the 50-stock NSE Nifty50 ended 168.40 points, or +2.12 per cent, higher at 8,119.30 today. The market closed near its one-month high. The bounce followed a rally seen in the past three sessions since the RBI cut policy rate by 50 basis points in a surprise move last week.

  • The domestic market rallied for the fourth consecutive day to end over +2% higher today, taking positive cues from other Asian and European markets. The mood across Dalal Street was buoyant throughout the day, as weak US jobs data raised expectations that the US Federal Reserve may further delay the much-awaited rate hike well into the first quarter of 2016. This would bring back foreign investments into our stock markets.

  • A 565-points rally in the benchmark index Sensex added over Rs 1.84 lakh crore to total investor wealth on BSE today. With the Q2 results round the corner, there are also expectations of a better earnings picture this results season in the wake of the soft global commodity prices benefiting companies, added experts.

  • Nifty eyes 8,250; banks, NBFCs may outperform market, says Mitesh Thacker. I would be clearly focusing on them and we remain positive on markets with long bias. We are looking at target closer to about 8,220-8,250 level for Nifty and possibly 18,000-plus on the Bank Nifty, he says.

  • Broad-based rally begins; Nifty may retest 8,350-8,400, says Ashwani Gujral. A broad-based rally is one where all sectors and across market cap groups participate. This time, the rally has come on a global intermediate bottom on the US indices. There are good chances that it will be follow through and there is a fair expectation of 8,350-8,400 on Nifty coming in, he says.

NIFTY 3-Month

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