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Market Report

Tuesday, 10-Nov-2015

NSE

  • The S&P BSE Sensex slipped 378.14 points, or -1.45 per cent, to 25,743.26 at close while 50-stock barometer Nifty50 ended at its lowest level since September 9, down 131.85 points, or -1.67 per cent, at 7,783.35 today. Dr Reddy's Labs and ONGC were the top losers on the BSE benchmark.

  • The domestic equity market cracked in closing trades to end Samvat Year 2071 in the red for the fifth consecutive session today in the truncated week, as investors remained risk averse amid high volatility. The benchmark indices have closed weaker in eleven of the past twelve trading sessions as concerns over India's growth story and the government ability to fasten the reform process following the NDA's Bihar debacle has left the investors in disarray.

  • Fresh concerns over global growth on the back of signs of slowdown in China's external trade has hit investor confidence on the Street while worries over foreign fund outflows amid prospects of interest rate hike by the US Fed also dampened sentiment.

  • We believe this Samvat was a healthy period of consolidation for stocks after last year's market rally, says Dinesh Thakkar of Angel Broking. We expect earnings growth to pick up going forward and have a 12-month price target of 31,500 for the Sensex and 9,540 for the Nifty50, implying 18 times FY2017E earnings, he adds.

  • Both the stock exchanges, Bombay stock Exchange (BSE) and National Stock Exchange (NSE), will conduct a special Muhurat Trading session on Wednesday, November 11, 2015, to herald the new year Samvat 2072. Trading would be conducted between 1745 hours and 1845 hours on the day. We will not be live during this period. Markets are fully closed on Thursday on account of Diwali.

NIFTY 3-Month

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