IntradayTrade dot Net dot IN
Market Report

Tuesday, 19-Jan-2016


  • Domestic equity benchmarks snapped two sessions of losses to notch up handsome gains today. The BSE S&P Sensex rallied 291.47 points, or +1.21 per cent, to end the day at 24,479.84 today. The NSE's Nifty50 closed at 7,435.10 today, up +1.14 per cent or 84.10 points.

  • After three days of battering, the benchmark indices finally rebounded today as investors judged the selloff as being unwarranted, hoping the short-term bottom might now have been in place. The market tracked strong cues from Asian as well as European markets, while value buying emerged at low levels after the benchmark indices hit their 20-month lows.

  • Our markets finished +1% higher mirroring a rally in global stocks after sluggish GDP growth from China raised hopes of further stimulus by the Chinese government. A broad-based rally was witnessed across our bourses as participants bought battered bluchips at attractive valuations. Six of every ten stocks in thge BSE ended in the green today. The way both global and domestic markets got sold out on fears of the unknown rather than any actual event indicates that we are in for a decent and significant bounceback, say experts.

  • The Nifty50 is sustaining at higher levels. At the current level of 7,440, maybe a 40-50 point bounceback on the upside is possible, said Sandeep Wagle. At the current level of 15,180 or so, Bank Nifty can move to 15,300-15,350 levels. I think it has already done that. I find that level very difficult to cross. There can be some choppiness, but I do not think it has found the bottom. We are on the way up, he said.

  • After market hours: Reliance Industries today reported its highest-ever quarterly net profit of Rs 7,290 crore for the three months ended December on refinery margins spiking to seven-year high. The Street had earlier expected that the Mukesh-Ambani-led company would log 35 per cent year-on-year (YoY) growth in the net profit number to about Rs 7,100 crore in the December quarter. Actual results have surpassed Street expectations.

NIFTY 3-Month

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