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Market Report

Wednesday, 02-Dec-2015


  • The S&P BSE Sensex ended 51.56 points, or -0.20 per cent, lower at 26,117.85 while the Nifty50 closed at 7,931.35, down 23.55 points, or -0.30 per cent. SBI and Infosys were the top losers on the BSE benchmark.

  • In the absence of any fresh triggers, benchmark indices finished today's session on a lacklustre note mainly due to a decline in the banking shares after the Reserve Bank of India (RBI) in its fifth bi-monthly monetary policy on Tuesday maintained a status quo as regards key rates.

  • The nation's largest lender SBI shed -1.83 per cent while two other PSU biggies PNB and BoB slipped as much as -4 per cent after the central bank said today that it would this week unveil a new methodology for calculating base rates to ensure better transmission of its policy rate tweaking and to make sure the benefit of rate-cuts is passed on to consumers.

  • Investors also turned cautious ahead of the US Federal Reserve's rate-setting meeting in mid-December. Lack of any visible progress on the GST Bill in the ongoing winter session of Parliament also hit sentiments on the Street, while auto stocks bled on less-than-projected November sales data.

  • Expect Nifty50 to trade sideways; shorting now would make no sense, says Sandeep Wagle. Once we break 7,900 on the Nifty50, only then one can start selling. One can have a stop loss probably 20 points below the 7,900 mark. The index may not break below 7,900. It may not break 7,970-7,980 on the upside either. It could witness some sideways action. So in that sense also going short may not make sense. So I would still continue to be stock-specific. Watch the index for the first half an hour on Thursday, he says.

NIFTY 3-Month

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