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Market Report

Friday, 22-Jan-2016

NSE

  • Sensex, the 30-stock benchmark, halted a two-day losing spell and ended the day at 24,435.66 points, up 473.45 points or +1.98 per cent. NSE's Nifty50 shot up above the crucial psychologically 7,400 level and settled at 7,422.45 today, up 145.65 points or +2.00 per cent.

  • The domestic equity market rallied on Friday tracking a relief rally in other Asian markets after signals for more stimulus from the European Central Bank (ECB) revived risk appetite across markets and a 5 per cent jump in crude oil prices boosted investor sentiments. This was the biggest single-day gain since October 5, tracking a relief rally in global shares on hopes of a fresh stimulus from the euro zone and recovery in crude oil.

  • Helped by the stock market rally today, the total market valuation of firms listed on BSE advanced Rs 1.73 lakh crore today as sentiment improved buoyed by a tick-up in global indices amid a rebound in global crude oil prices and expectations of further stimulus measures from the European Central Bank. The Rupee has gained 33 paise at 67.69 at the time of writing.

  • Nifty50 looked on course to reclaim the 7,520 level, says Sandeep Wagle. I would recommend a buy in the Nifty50 for a target of around 7,500, though my long-term view is still bearish. I do not think the bottom is made. I think we can set our sights on 7,500-7,520 and over the next few days I would play for that, he says.

  • The uncertainty really has not come down, said Mythili Bhusnurmath of ET NOW. We have got some reassurance not just from the European Central Bank, but also from the RBI governor as well as the finance minister, but markets are exceedingly skittish. At a time like this, one does not really know what they are going to catch on to. The worry really is whether we will really see the end of pain emerging from China, she adds.

NIFTY 3-Month

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