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Market Report

Monday, 15-Feb-2016

NSE

  • The Sensex surged 568.00 points, or +2.47 per cent, to end at 23,554.12 today. Intra-day, it gained 636.52 points to a high of 23,622.64. The last big up-move by the Sensex was by 728.73 points on January 15, 2015 after the Reserve Bank effected a surprise 25-basis point rate cut, the first of the four policy cuts last year.

  • The NSE's Nifty50 ended at 7,162.95 today, up +2.61 per cent or 182 points. Both the Sensex and Nifty50 lost close to 7 per cent last week, to end at 22,986.12 and 6,980.95, respectively. A sharp recovery in the stock market -- its biggest single-day gain in more than a year -- made investors richer by over Rs 2.52 lakh crore today, amid sharp recovery in Asian markets and the recently beaten down banking counters.

  • Markets rebounded today to end over +2% higher led by state-owned banks on hopes of banking sector reforms while beaten down metal shares also surged on short-covering. Further, rally in global markets, contraction in the wholesale price index (WPI)-based inflation for the fifteenth straight month and strengthening rupee boosted sentiment.

  • Going back a few days, we did see 7,250 act as some kind of strong support zone for Nifty50, said Mitesh Thacker. That level should come back into highlight again and around 7,250-7,260 might be the first level where some kind of halt might happen. If we start getting past that level and if we show strength beyond that, then we would look at a slightly stronger pullback, added Thacker.

  • After market hours today: India's trade deficit has come down to USD 7.63 billion in January as against USD 7.87 billion in the same month last year. It is the lowest deficit in 11 months. In February last year, it was USD 6.85 billion. India's exports contracted -13.6 per cent in January, 14th month in a row, on tepid global demand. Imports too shrank -11 per cent. The deficit would have been lower if gold imports hadn't shot up +85.16 per cent last month to USD 2.91 billion.

NIFTY 3-Month

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