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Market Report

Thursday, 04-Feb-2016

NSE

  • The 30-pack S&P BSE Sensex gyrated wildly for the larger part of the day and still remained in the positive territory. The benchmark ended the day at 24,338.43 today, up +0.48 per cent or 115.11 points. In the 50-stock Nifty50, which closed at 7,404.00 today, up +0.57 per cent or 42.20 points, as much as 36 stocks ended with gains.

  • The domestic equity market breached a three-day losing streak and notched up handsome gains today after a bounce in crude oil prices in overnight trade infused new life to equity markets worldwide. Markets finished the volatile session on a firm note led by strong buying in upstream oil companies. Strength in the global equities coupled with a stronger Rupee aided the rally.

  • The markets would take away today's trading session with one relief that the Nifty is back above the 7,400 mark, after yet another volatile session, said Kunal Bothra of LKP Securities. The second half saw good bout of short covering in stocks, however, the market breadth remained negative for the day. The indices also didn't breach yesterday's low which is also a mild positive indication, said Bothra.

  • Markets Tomorrow: Immediate support on higher side of 7350, said Sacchitanand Uttekar of Motilal Oswal. After three days of a decline, we have a green closing on the daily. On the higher side 7350 is the immediate support that we have been talking about and we expect momentum to resume above 7480 on the daily scale. So we expect the markets to again gear up for momentum once 7480 is breached and long positions can be initiated post that. 7460-7465 could be a stop loss for the trade and we expect this particular rebound to stretch right up to 7600, he said.

NIFTY 3-Month

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