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Market Report

Monday, 02-Nov-2015

NSE

  • The S&P BSE Sensex slumped 97.68 points, or -0.37 per cent, to close at 26,559.15 while the 50-stock barometer Nifty50 ended the day 15.00 points, or -0.19 per cent, lower at 8,050.80 today after sluggish manufacturing data from China and India dampened investor sentiment. Bajaj Auto and Hindalco were the top losers on the BSE benchmark.

  • The domestic market witnessed significant weakness through today's session but had a smart recovery towards the end to close slightly lower as the benchmark indices extended their losing streak to the sixth consecutive session. Weak manufacturing data for the domestic economy and uncertainty over the Bihar election outcome were reasons for the decline.

  • Nifty50 looks weak and it may test 7,900-7,980 levels in the near term, say experts. The domestic market came under pressure in late afternoon trade today that pushed Nifty50 below its crucial psychological level of 8,000 for the first time since October 1. The benchmark index slipped below 8,000 from 8,300 level in a matter of six sessions.

  • Market likely to find stability in next few sessions, says Mitesh Thacker. Depending on how the short-term or the overnight news pans out, we might have a slightly better days than what we have had today. It is a recovery from oversold levels. We are not seeing a start of a new trend. We may perhaps stop falling. In case we have negative global news, we might test levels below 8,000, he says.

NIFTY 3-Month

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