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Market Report

Thursday, 18-Feb-2016

NSE

  • The BSE's 30-share index ended the day at 23,649.22 today, up +1.14 per cent or 267.35 points. The broader Nifty50 of the NSE closed at 7,191.75 level, up +1.17 per cent or 83.30 points. On Thursday, the Sensex had gained 189.90 points to 23,381.87, while the Nifty50 was up 60.20 points to close at 7,108.45. IT, capital goods, pharma and bank stocks led the late afternoon rally.

  • The Sensex and Nifty50 opened on a strong note in morning trade, but pared much of the gains within the first two hours. However, the market picked up momentum in the last hour of trade to finally end on a positive note, as crude prices surged and the Nifty50 reclaiming the psychologically crucial 7,150 level.

  • Benchmark indices gained for the second straight day, amid a firm rally in the Asian equities, as crude oil prices advanced on hopes that the big oil producers will cap the output in order to tackle the supply glut. Gains were witnessed across the board led by private banks and IT majors while oil exploration major ONGC was among the top Sensex gainers.

  • We are trading with more of a long bias and looking at targets of around 7250-7270, says Mitesh Thacker. Technical indicator set up is much more positive than what we have had the last time we were trying to get past 7200. I believe that we should get to about levels of 7250-7270, maybe beyond that, but that is the next very important target where some kind of strong supply can emerge. So for the time being I will maintain a positive bias, he adds.

NIFTY 3-Month

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