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Market Report

Wednesday, 03-Feb-2016

NSE

  • The 30-share BSE barometre, the Sensex ended the day at 24,223.32 today, down 315.68 points, or -1.29 per cent. NSE's 50-share pack Nifty50 fell below the crucial 7,400 mark right at the opening and settled for the day at 7,361.80, down -1.26 per cent or 93.75 points.

  • Benchmark share indices extended losses for the third straight session dragged by financials while oil shares slipped after global crude oil prices resumed their downward trend.

  • The Rupee breached the 68-mark today and was trading 10 paise lower at 68.08 against the dollar at the Interbank Foreign Exchange at the time of this writing, on demand from importers and banks.

  • Market to see more selloff, will turn attractive if Nifty50 slips below 6,800, say experts. The domestic equity market wiped off most of its +3.8 per cent gains from the relief rally seen in the last week of January. One of the reasons for the broad selloff is the selling pressure from foreign institutional and portfolio investors in January. FIIs were net sellers to the tune of Rs 1,670 crore so far this year. And it looks like even domestic investors are joining the party of selling. This will continue and it is very difficult to see the end of this selling or at what level of the market this particular carnage will end. I think this sort of volatility is something investors will have to live with at least for the next few weeks. We have to see stability in global markets, especially in China and in crude oil prices. Unless we see stability on these two fronts, our market will continue to remain rattled purely on account of negative FII flows, they say.

  • A break if 7250 is likely, said Mitesh Thacker. I think 7330 is a minor support zone for the Nifty, but I think it might hold for a day or two. I think eventually it will break and we should head towards a retest of 7250. It is very likely that we will break that and along with that a lot of stocks might also come down. We have talked about the Bank Nifty and the PSU banking lot being the weaker lot, I think there is some kind of signal that the private sector banks could correct slightly more and that could also put pressure on the Nifty, he says.

NIFTY 3-Month

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