IntradayTrade dot Net dot IN
Market Report

Tuesday, 12-Jan-2016


  • The 50-share Nifty50 slumped to its fresh 52-week low in intraday trade before closing 53.55 points, or -0.71 per cent, lower at 7510.30 today. The S&P BSE Sensex made its fresh 52-week low, ending the day at 24,682.03, down 143.01 points, or -0.58 per cent. Federal Bank and Gruh Finance were the top losers on the BSE benchmark.

  • The domestic equity market tanked today as the bears took charge on Dalal Street after crude oil prices slumped below the $31 a barrel mark for the first time in 12 years. Bank stocks led the slump, after December quarter numbers of two lenders showed a spike in bad loans, raising fresh asset quality concerns.

  • The Sensex ended at a fresh 18-month closing low on caution ahead of third quarter earnings while worries over an uptick in December consumer price inflation data for which will be released later today also weighed on sentiment. Selling pressure from foreign investors pulled the domestic benchmark indices lower, continuing their recent weak trend.

  • On the index, there is an oversold reading, but otherwise, the trend is on the downside, said Mitesh Thacker. What might happen is that we might get a pullback one of these sessions, which can take us back to 7,610 or 7,630 on the upside but immediately it would be difficult to see any upside beyond the current level. I would still maintain a negative bias. But after having seen the market drop by about 450-plus points in the last seven sessions, there is always a chance of a pullback. But until 7,610-7,630 is being captured, my belief is that we are possibly looking at much lower levels happening, he adds.

NIFTY 3-Month

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