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Market Report

Friday, 26-Feb-2016

NSE

  • BSE benchmark Sensex, which opened 200 points higher, but pared most of those gains through midday before again bouncing to close 178.30 points or +0.78 per cent higher at 23,154.30 today. The broader Nifty50 index, which had slipped below its crucial support level at 7,000 on Thursday, notched up 59.15 points, or +0.85 per cent, to end the day at 7,029.75 today.

  • Markets closed higher led by a smart rally in the banking shares after the Economic Survey 2016 tabled by the Finance Minister stated plans of capitalizing PSU banks along with the rights to recover money from debt ridden promoters. The Economic Survey which unveiled a path towards fiscal consolidation and stability in inflation despite slowdown in economic growth further lifted sentiment but added some choppiness to the market.

  • Investors remained cautious ahead of Monday's Union Budget, experts said. There is only a reasonable mild amount of buying. So neither the Nifty50 nor the Bank Nifty or any key stocks are really breaking out above the minimal levels required for them to flash some modicum of a buy signal. Monday is going to be a different ball game, said CK Narayan.

  • Meanwhile, the relentless selling by foreign investors continue for our markets. FIIs have been net buyers in our markets on only days in January and 2 days in February till today. See our 'Market Statistics' page. Foreign institutional investors (FIIs) have already pulled out about $2 billion so far this year which is the steepest since the 2008 global financial crisis. Even though India macros remain stable, but concerns over the health of the global economy have triggered a risk-off mode among global investors.

NIFTY 3-Month

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