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Market Report

Monday, 09-Nov-2015


  • The S&P BSE Sensex ended the day 143.84 points, or -0.55 per cent, lower at 26,121.40 while the 50-stock barometer Nifty50 lost 39.10 points, or -0.49 per cent, to 7,915.20 at close. Sun Pharma and BHEL were the top losers on the BSE benchmark, down -6 and -4 per cent, respectively.

  • The domestic market recouped most of its morning losses on Monday after tanking 600 points in opening trade, as investors reacted nervously to the shock defeat of the BJP-led NDA alliance in the Bihar assembly polls. The benchmark indices were able to recoup some of the losses later in the day thanks to a rally seen in auto and PSU bank counters, but failed to end in positive terrain as the Bihar Assembly polls verdict raised concerns that the process of further reforms could take a back seat.

  • With just one day left for investors to participate in the auspicious muhurat trading, the BSE Sensex is expected to go down by about -2 per cent in Samvat 2071, the current year. The fall, though minuscule, has ended a long winning streak for the BSE benchmark in three consecutive Samvats. Data compiled from the BSE website showed the 30-pack index rose +26.42 per cent in Samvat 2070, +14.70 per cent in Samvat 2069 and +7.69 per cent in Samvat 2068. The Hindu Samvat runs from Diwali to Diwali.

  • Nifty may hit 8,000, but do not expect substantial gains, says Sandeep Wagle. We tested 7,800 in the morning trade, but clawed back. In that sense, I am not negative on the market. But at the current level of 7,915, I have a limited upside view. We may probably see an upside of 60-70 points and the index may probably test 8,000. I do not think we will see a rally from here. Levels around 8200-8300 may not be achieved in a hurry, he adds.

NIFTY 3-Month

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