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Market Report

Monday, 16-Nov-2015


  • The domestic equity market staged a smart rebound today after a weak opening. The benchmark Sensex opened over 100 points down before clawing its way back to the green territory in the afternoon trade and end at 25,760.10, up 149.57 points, or +0.58 per cent. Nifty50, the 50-stock barometer, closed 44.35 points, or +0.57 per cent, higher to close at 7,806.60 today. GAIL and Tata Steel were the top gainers on the BSE benchmark.

  • The wholesale inflation data released during market hours boosted investor sentiment, as an uptick in October WPI inflation number signalled a revival in consumer demand, which is believed to be crucial for supporting a turnaround in corporate earnings. However, analysts said the current uptick was nothing but a dead-cat bounce as the market lacked positive triggers to take it higher.

  • In the global scene, European markets opened with losses on the first day of trading after the terror attack in Paris. But there was a rebound both in euro as well as in the European stocks as the day progressed. Earlier, most Asian markets traded lower after the Paris attack and on weak signals from economic data for China and Japan.

  • Expect Nifty50 to trade in 7,700-7850 range, says Mitesh Thacker. We have failed to get passed 7,830-7,850. A breakout above that would have extended this pullback rally by about 100 points. It might happen in the next one or two days. Else, what we have done is that we have made an important low around 7,700 on the index. My sense is that we might trade in a range of about 7,700 to 7,850. In case we manage to get past 7,850, then 7,950 could be tested, he adds.

NIFTY 3-Month

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