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Market Report

Tuesday, 02-Feb-2016


  • The 30-share BSE barometre, the Sensex, touched a high of 24,928.96 during the day before ending at 24,539.00 today, down -1.15 per cent or 285.83 points. Tracking weak cues from European markets, NSE's 50-share pack Nifty50 fell below the crucial 7,550 mark just before close and settled for the day at 7,455.55, down -1.33 per cent or 100.40 points.

  • Domestic equity indices gyrated between gains and losses all through the day today before taking a plunge towards the end of the session. Earlier, the Reserve Bank of India kept the repo rate unchanged at 6.75 per cent, though it maintained an accommodative stance on the money policy front.

  • World stocks dipped after a three-day run of gains and emerging markets were back under pressure today. European markets opened weak in the afternoon and fell for a second consecutive day amid global growth concerns and a fresh slump in crude oil prices, causing the maximum damage to the domestic equity benchmarks, which slumped -1.15 per cent amid brisk selling in 27 of the 30 Sensex stocks.

  • We are in some kind of a support zone both for the Sensex and for the Nifty50, said Mitesh Thacker. The Sensex's support level is at about 24,650 and for Nifty50, it is between 7,500 and 7,490 levels. In case this level breaks, I would look at some kind of a corrective trade, he said.

  • We are seeing some weakness on the horizon and once the 7,500 level breaks, it will be a bit of a break, said CK Narayan from Growth Avenues. It might then propel the index down to somewhere around 7,450-7,460 on the futures, he said CK Narayan.

NIFTY 3-Month

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