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Market Report

Wednesday, 16-Dec-2015

NSE

  • Sensex, the BSE benchmark climbed 173.93 points to settle the day a tad lower than the psychological level of 25,500. The index advanced +0.69 per cent to end at 25,494.37 today. The Nifty50 advanced 50.00 points, or +0.65 per cent, to close at 7,750.90 extending gains for the third straight session led by financials and information technology majors even as investors keenly await outcome of the US Federal Reserve two-day meet which ends later today.

  • Globally, markets are pricing in close to 80 per cent chance of a Fed rate hike. The hike is all set to happen, that is what the majority view is. But Fed Chair Yellen's commentary would be the trigger to watch. Emerging stocks rallied for a second day on Wednesday as risk appetite revived ahead of a likely US interest rate hike, but currencies remained under pressure, with South Africa, Russia and Turkey all weakening.

  • Nifty50 heading towards 7,800, says Mitesh Thacker. In case something negative comes in, then the level to watch on the downside is about 7,700. If we start breaking below that, we are possibly going back to about levels of 7,630-7,620, maybe even 7,750. If nothing negative comes in and 7,700 holds, then after a couple of days of consolidation, I would expect the higher end of the range, which is about 7,800 or 7,820-7,830 on the upside to be tested, says Thacker.

  • Market has discounted Fed lifetoff, says Sandeep Wagle. I do not see the range of 7,680-7,830, roughly 150 points, being broken. Currently, we are at the centre point so in that sense I am not bearish but the stock specific play can be both sides. Even if Nifty is up tomorrow, the level of 7,830-7,850 will act as a kind of resistance. That will not be so easy to clear and we may spend some time in this 7,650-7,830 band, he says.

  • The Fed will announce the outcome of its policy meeting at 2 p.m. US-ET (12:30am IST), followed by a press conference by Chair Janet Yellen half an hour later. Wall Street HAS opened sharply higher today ahead of a widely anticipated interest rate hike by the Fed. Our markets will react to the news tomorrow morning.

NIFTY 3-Month

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