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Market Report

Tuesday, 01-Mar-2016


  • The BSE S&P Sensex ended the day 777.35 points, or +3.38 per cent, higher at 23779.35 today while the NSE's Nifty50 settled at 7222.30 today, up 235.25 points or +3.37 per cent. The Sensex surged 777 points in intraday to log its biggest points-wise gains since May 2009. The Nifty50 reclaimed its crucial psychological mark of 7,200 well before the close.

  • As the Union Budget 2016 seeps in, benchmark indices surged ahead as clamours for an out-of-turn rate-cut in repo rate by RBI grew louder. The sharp rally in index heavyweight ITC was the major contributor to the gains. Positive global cues made sure the domestic market end up as the top-performing Asian market for the day. This helped the BSE Sensex clock its biggest points-wise daily gain since May 2009 and it is just 300-point short of its next psychological mark at 24,000.

  • The 30-share index opened the day 300 points higher and then rose steadily to hit an intra-day peak of 23,821 before closing at 23,779. It was the biggest intra-day high for the Sensex since January 2015, when it had touched the 23,751 mark, up 749 points. The broader 50-share Nifty index reclaimed the crucial 7,200 mark at about 2 pm before hitting a high of 7,235, but closed slightly lower at 7222.

  • Market experts said the current rally can be the result of both short covering as well as value buying post the Budget. Both the S&P BSE Sensex & Nifty50 corrected over -10 per cent in the runup to the Budget in 2016. Point to note: FIIs have turned net buyers in today's market. This is a welcome change. See our 'Market Statistics' page.

  • Dalal Street analysts remained positive, hoping that the market will see further strength. You might have some kind of breather for a few hours, may be a day or couple of days around 7,250-7,280, but eventually the Nifty50 should be able to summon the strength to get past those levels, said Mitesh Thacker. We are looking at a strong possibility of Nifty50 heading towards the 7,350 level and higher, he said.

NIFTY 3-Month

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