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Market Report

Thursday, 08-Oct-2015

NSE

  • The S&P BSE Sensex lost 190.04 points, or -0.70 per cent, to close the day at 26,845.81 while the broader market barometer Nifty50 ended the day lower by 4805 points, or -0.59 per cent, to close the day at 8,129.35 today. The Nifty lost the 8,150-mark while the Sensex lost the 27,000-level in trade today as investors booked profits at higher levels among financials and index heavyweight shares.

  • The domestic equity market snapped a six-day winning streak and witnessed weak trading today tracking similar trends in other Asian and European markets, as investors waited minutes of the US Federal Reserve's FOMC meeting, which could provide insights on the timeline for the impeding rate hike by the US Federal Reserve. The sentiment on the Street remained weak with 18 of the BSE30 stocks ending the day with losses, as the day saw profit taking on most stocks.

  • Most analysts on Dalal Street expect no fireworks from Sensex companies when they declare Q2 results later this month. India Inc failed to show any meaningful growth in the three previous quarters and it will be no different this time around. In fact, they expect -3.7 per cent fall in aggregate profit of the 30 Sensex companies. Revival in corporate earnings growth is likely to be the next big trigger for the market, say experts, and till that time the benchmark indices are likely to remain rangebound. Most of them expect the revival to happen after the December quarter.

  • Nifty direction is on the upside; PSU banks could do well in the short term, says Mitesh Thacker. This entire movement had started from 7700, it did not have any kind of serious break or a pullback. Maybe we are in that process of starting a pullback now. In any kind of downside from here, 8050 should be a very strong support for the Nifty. The idea would be clearly to look at some kind of reversal or support coming around 8080-8070 levels and that will be excellent levels to buy into the stocks. My sense is that in the short term PSU banking as a sector could do very well, he adds.

NIFTY 3-Month

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