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Market Report

Wednesday, 24-Feb-2016

NSE

  • The Sensex went down 321.25 points to eventually settle at 23,088.93 today, down -1.37 per cent. The broader Nifty50 index of the NSE slipped 90.85 points or -1.28 per cent to slip below its crucial support level of 7,050 and ended the day at 7,018.70 today. On Tuesday, the Sensex had lost 378.61 points to end at 23,410.18 while the Nifty50 closed 125.00 points down at 7,109.

  • Benchmark share indices ended over 1% lower on Wednesday tracking fall in global stocks after crude oil prices eased while traders turned cautious ahead of the expiry of February derivative contracts and the railway budget tomorrow. The BSE S&P Sensex had recovered around mid-day after a 100-point fall in opening trade, but pared all the gains by the end of the day to slip deeper into the red.

  • Domestic equity benchmarks took a deep dive on Wednesday, as a fresh slump in crude prices spooked financial markets the world over. It was the second consecutive day of big losses for the Sensex and the Nifty50 as nervous investors continued their selling spree with just two more sessions to go before the Union Budget, which is due on Monday.

  • The fact that we have a budget on the last day of the month might be playing a role at the margin. But I do not think anybody in the market seriously expects a significant market-shaking decision, which would cause nervousness of the nature we are seeing now. I think the nervousness, which is really reflected in lower prices, is at a level capturing the worries about open-ended dilution in PSU banks and lack of growth or earnings visibility, said Hitendra Dave of HSBC India.

NIFTY 3-Month

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