IntradayTrade dot Net dot IN
Market Report

Monday, 18-Jan-2016

NSE

  • The 30-share barometer Sensex closed at 24,188.37 today, down 266.67 points or -1.09 per cent. The Nifty50 fell 86.80 points, or -1.17 per cent, to settle at 7,351.00 to create another 52-week closing low in its third consecutive day of fall.

  • It was a volatile day for the domestic equity indices as they lost about 100 points immediately after opening on concerns over world economic growth coupled with the relentless fall in international crude oil prices, but recovered soon after. Thereafter, the Sensex continued its steep rise and fall sequence. Oil prices hitting the lowest level since 2003 and weak Asian markets made the market choppy.

  • Over two dozen banking stocks hit their 52-week lows amid weak trading today, causing the sectoral benchmark, BSE Bankex, tumble to its lowest level since June 2014. Banks are widely expected to report higher non-performing assets for the third and fourth quarters of the ongoing financial year after RBI's recent call for cleaning their balance sheets.

  • Also, the data released by the government showed that India's merchandise exports shrunk for the 13th straight month in December thus further accentuated the woes.

  • I do not think 7,350 will hold, said Sandeep Wagle. We have tested 7,319 in the morning and bounced back but the bounce backs are very clearly weak. Sooner than later I think 7,350-7,320 will give way and when that happens, I would talk of some level between 7,180 and 7,200 at the least. If a bounce-back comes, I do not see it beyond 7,460-7,480. I would be a seller in the Nifty for a target of around 7200, he added.

NIFTY 3-Month

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