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Market Report

Thursday, 25-Feb-2016

NSE

  • The 30-share Sensex closed the day at 22,976.00 today, down 112.93 points, or -0.49 per cent. The broader Nifty50 index settled at 6,970.60 today, down -0.69 per cent or 48.10 points. The Sensex and the Nifty50 treaded cautiously throughout the day before ending in the negative zone. On Wednesday, the 30-share barometer had tanked 321.25 points to close at 23,088.93 while the NSE's Nifty50 fell 90.85 points to 7,018.70.

  • Benchmark share indices extended losses to end lower for the third straight day on caution ahead of the Union Budget even as the Rail Budget pleased both passengers and industry by maintainin status-quo on fare and freight rates. Further, weakness was seen in late trades as traders turned cautious following the expiry of February derivative contracts.

  • Suresh Prabhu's second Rail Budget failed to lift the domestic equity market today, as a -6 per cent crash in the Chinese stock market had a rub-off on local stocks and pulled them down. The BSE Sensex tanked today to slip below the 23,000 mark and Nifty50 dropped to a new 21-month low to close below the important psychological level of 7,000. These numbers suggest hard times.

  • Derivatives traders rolled over or carried more bearish positions to March series, as they remain indeterminate about the index movement after Nifty dropped -6% in February. Traders are worried about facing disappointment in the forthcoming Union Budget and global markets volatility which has triggered large foreign fund outflow in the last few months.

  • Traders, in my expectation, will probably want to let go of their existing positions, both short and long. Tomorrow might actually be a pretty light day because nobody would really want to think up any position, said CK Narayan of Chart Advise.

NIFTY 3-Month

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