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Market Report

Tuesday, 09-Feb-2016


  • The 30-share BSE Sensex closed at 24020.98 today, down -1.10 per cent or 266.44 points. The NSE's Nifty50 index ended at 7298.20 today, down -1.21 per cent or 89.05 points. IT bellwether Infosys and India's largest software outsourcer TCS slipped -3.5 per cent each, contributing nearly half of the 250-point fall in the BSE Sensex.

  • The S&P BSE Sensex tested the crucial support level of 24,000 today, tracking weak global cues. The Nifty50 cracked over 100 points from yesterday's close to break below its crucial support level of 7300, weighed down by losses in IT, metal, banks, auto, and FMCG stocks amid a global selloff in equities, as the market extended the losing streak to a second day.

  • Indian markets fell for the second straight session after Japanese equities posted its biggest daily drop in nearly three years. Japan's Nikkei index fell -5.40 per cent to 16,085.44 points. The Nikkei closed sharply lower as the bond yields dipped below zero levels. Concerns regarding economic growth continued to weigh on global markets.

  • Globally, Chinese markets were shut for the day on account of the Lunar New Year. Most other Asian markets plunged in trade tracking the selloff in the US markets overnight. Australia ASX 200 slipped -2.88 per cent at close. However, the European markets opened in the green zone shrugging off the weak cues from Asian markets.

  • This is a perfect example of the fear of spill over, said Priya Misra of TD Securities. If we look at what is happening in China, what is happening with oil and now what is happening with the European banks, all combined are becoming more of a global recession threat, which is what the markets are telling you, said Priya.

  • Going forward, markets would be interested in US Fed Guv Janet Yellen's testimony in Congress on Wednesday and Thursday. The Chinese markets are closed this week. Crude oil price movement and economic data from China would be other factors to watch out for.

NIFTY 3-Month

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