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Market Report

Tuesday, 05-Jan-2016

NSE

  • The S&P BSE Sensex lost 43.01 points, or -0.17 per cent, to close the day at 25,580.34 today. Nifty50, the 50-stock barometer, closed at 7,784.65 today, down 6.65 points, or -0.09 per cent. Tata Steel and GAIL were the top gainers in the index. Selling was seen on the counters of HDFC Bank, TCS, Infosys and HUL, which weighed heavy on the BSE benchmark.

  • The domestic equity market traded rangebound today, as profit taking emerged at higher levels, tracking mixed cues from other Asian and European markets. While the Chinese state authorities intervened to ease the panic in the market, the volatility in stocks kept investors nervous, hampering initiation of fresh positions on the benchmarks, although metal and oil stocks witnessed some buying.

  • China's central bank today pumped in billions of dollars, stated to be the biggest since September, into the financial system in open market operations in a bid to ease a liquidity strain in the world's second largest economy. However, tensions between Saudi Arabia and Iran, and persistently low commodity prices dragged on sentiment.

  • Stay stock-specific in the market with a bullish bias, says Sandeep Wagle. I am not clear where the Nifty will go. I am not even certain if a bottom has been made. Let the Nifty come to 7,830-7,850. Then, perhaps, we will see whether to go short or not. Be stock specific with the bullish bias for the next couple of days. But individually you are getting more stocks to go long on then shorts. So, that is the confusing part of it, he adds.

NIFTY 3-Month

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