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Market Report

Thursday, 21-Jan-2016

NSE

  • In a yet another turbulent day, the Sensex eventually ended the day 99.83 points lower, or down -0.41 per cent, at 23,962.21 while NSE's Nifty50 index settled at 7,276.80 today, down -0.44 per cent or 32.50 points.

  • At one point, Sensex had reclaimed the 24,300 mark while the 50-share Nifty50 index had advanced nearly 80 points to almost 7,400 in the first hour of trade before the steady fall began as profit booking emerged at higher levels.

  • Most analysts attributed the slump in the domestic market to profit booking at higher levels. We had a 290-point bounce on the Sensex to begin the day and a 100-point slump at the end today. But there was no big negative development either on the home front or in overseas markets that could pull down the market by 250 points. In fact, European markets mostly opened in the positive. So, there are many things unexplained at this point in time.

  • The way markets have opened in 2016, there is significant amount of uncertainty and therefore parallels being drawn either to 2008 or of the past few significant bear markets are clearly in fashion, said Harish Krishnan of Kotak MF. However, unlike 2008, which saw a significant demand-led contraction across the world, demand is still okay at this juncture and it is the supply side issues which are weighing in on the market, he said.

NIFTY 3-Month

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