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Market Report

Friday, 06-Nov-2015

NSE

  • The S&P BSE Sensex slipped 38.96 points, or -0.15 per cent, during the day to close at 26,265.24 while the 50-stock barometer Nifty50 ended the day at 7,954.30 down 1.15 points or -0.01 per cent. Dr Reddy's Lab and Tata Steel were the top losers on the BSE benchmark, down -14.65 and -2.5 per cent, respectively. The sentiment on the Street remained weak, as 18 of the BSE30 stocks ended the day in the red.

  • The domestic stock market witnessed waves of gyrations in today's trade before ending the day flat, or marginally in the red, as worries over the actual outcome of Bihar election, muted September quarter earnings and a possible December rate hike by the US Federal Reserve continued to weigh heavy on investor sentiments.

  • For the week, the BSE benchmark lost 391 points, or -1.5 per cent while the Nifty50 shed 111 points or -1.38 per cent. It was the second consecutive week of negative closing for the market. In spite of an early bounce, the market failed to find its footing on Friday, as exit polls at the end of the final phase of voting hinted at a split verdict with many of them projecting a photo finish between the NDA and the Grand Alliance. The Narendra Modi-led BJP needs to win the Bihar polls in order to improve its strength in the Upper House of Parliament in order to be able to push forward its reforms agenda in the face of strong resistance from the opposition parties.

  • Overall, the market looks decently poised. I do not think there is too much downside to the market from here on because a lot of pessimism has got built around the corporate results as well as of the Bihar election. In my view, it will not have a long-term impact on the market, said Sandip Sabharwal.

NIFTY 3-Month

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