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Market Report

Friday, 29-Jan-2016

NSE

  • The Sensex ended at 24,870.69 today, up 401.12 points or +1.64 per cent. The NSE's Nifty50 jumped 138.90 points, or +1.87 per cent, to scale the psychologically crucial mark of 7,500 and end the day at 7,563.55 today. The Sensex had closed at 24,469.57 and the Nifty 50 at 7,424.65 on Thursday.

  • The markets got off to a strong start on the first trading day of the Feburuary F&O series after a surprise announcement of negative interest rate by the Bank of Japan and a surge in crude oil prices gave the domestic equity market a big lift today, with the benchmark Sensex gaining 400 points in a spectacular rally. Investor sentiment improved after Bank of Japan also retained its plan for 80 trillion annual rise in monetary base. This led to a rally in global stocks and sent Asian markets rallying over the roof with the Japanese Nikkei surging about 3 per cent in trade.

  • The benchmark indices have gained +1.7 per cent in the past week, reflecting the rebound seen in equity markets globally.

  • Experts said it was a decent rally with some expecting the Nifty50 to soon break the 7,650 barrier too. Nifty50 would be stronger, and may even go above the 7,650 mark, said Sandeep Wagle.

  • On the upside, we have room till 7,575-7,580 levels, said CK Narayan of Growth Avenues Asset Advisors. If one were to look at buying the index now, he should look at only possibly about 30-35 points from where the futures are. So, maybe, it would be a better idea to buy on dips near the 7,500 level. As for Bank Nifty, I would probably want to leave it for Monday, he added.

NIFTY 3-Month

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