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Market Report

Wednesday, 09-Mar-2016

NSE

  • The S&P BSE Sensex ended at 24,793.96 today, up 134.73 points or +0.55 per cent, extending its winning streak to the sixth day. The NSE's Nifty50 closed at 7,531.80 today, up 46.50 points or +0.62 per cent. Yesterday our market closed so flat today that one index closed in the green while the other closed red.

  • Indian markets staged a late recovery gaining around 200 points from intra-day lows, amid firm European cues, led by index heavyweights such as Infosys and Reliance Industries. After falling to around 24,450 level in the morning session, BSE benchmark Sensex rode a rebound in crude oil prices and an uptick in European markets ahead of Thursday's ECB policy meet and logged a 134-point gain.

  • The market was trading in the red till mid-day on weak global cues as a fresh slump in crude prices dragged the US markets in overnight trade while a selloff in Chinese equities spooked stock markets globally this morning amid renewed concerns over the outlook for the Chinese economy. But the domestic benchmarks went on to make solid gains following strong cues from the European markets. Sentiments were also boosted by strong interest from foreign institutional investors after the Union Budget.

  • The power with which the market went up last week clearly changed the direction for a lot of stocks on an intraday as well as daily basis. I think that momentum is here to stay, despite the fact that after a good rally we might consolidate a bit. That view of buy-on-declines still remains. We would maintain a target of 7,580-7,600 on the Nifty in the short term, said Mitesh Thacker.

NIFTY 3-Month

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