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Market Report

Wednesday, 20-Jan-2016

NSE

  • It was a black Wednesday on Dalal Street, as a plunge in crude prices and weakness in global equity markets pulled the domestic indices lower. The BSE S&P Sensex lost 417.80 points to close at 24,062.04 today, down -1.71 per cent, while NSE's Nifty50 depreciated 125.80 points, or -1.69 per cent, to end the day at 7,309.30 today. However, the market recovered about +1 per cent against the trend in the last half-a-hour of trade.

  • Global selloff spooked markets across Asia including India which led to over 600-points fall in the S&P BSE Sensex in intraday trade today. The index slipped below its crucial psychological level of 24000, to hit its fresh 52-week low of 23,998.65 in trade today. The Nifty50 too suffered a three digit cut to pull the index below its crucial support level of 7,250. The index hit its fresh 52-week low 7,241.50 in trade today.

  • The selloff was broad-based. The day saw the combined market capitalisation of the BSE-listed companies drop by Rs 1,79,885 crore to Rs 90,68,936 crore. Realty, metals, utilities stocks led the slump in the market. Highlight was: shares of Reliance Industries dropped -3.76 per cent to end the day at Rs 1,004.35 despite having posted better-than-expected third quarter numbers on Tuesday. The Sensex is back to where it was when the Modi government took over. The Rupee is back to where it was when Raghuram Rajan assumed charge as RBI governor

  • The Rupee slumped 35 paise to hit its lowest level since September 2013 at 67.995 against the US dollar, tracking selling across asset classes on deteriorating health of the global economy. Globally, Asian shared dropped by over -2% and European stocks dropped heavily as a relentless slide in oil prices hit world markets, with pan-European FTSEurofirst 300 index falling -3.1 percent to hit its lowest level since October 2014.

  • There is no need to rush to the market, which has been swinging wildly, said Mitesh Thacker. We have seen the market drag itself further lower in the oversold territory. It is not giving you any freedom. One of these days we will get a pullback rally which could be equally choppy. So the volatility on the internals of the market has gone up. This is not the best time to trade aggressively, he adds.

NIFTY 3-Month

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