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Market Report

Friday, 11-Mar-2016

NSE

  • The S&P BSE Sensex ended at 24,717.99 today, up 94.65 points or +0.38 per cent while the NSE's Nifty50 closed at 7,510.20 today, with a small gain of 24.05 points or +0.32 per cent. Midway through the day our markets pared some of its gains after trading higher in morning trade as the European Central Bank (ECB) extended stimulus in excess of Street expectations, but warned that it was running out of room to cut interest rates.

  • The market gyrated between gains and losses for most part of the day, but a spurt in crude prices and strong cues from the European markets lifted the mood later in the day. Benchmark shares indices ended higher, amid a choppy trading session, led by index heavyweights ITC and Reliance Industries. Meanwhile, participants are keenly waiting for the Index of Industrial Production data for January due to be unveiled today.

  • The S&P BSE Sensex managed to bounce back sharply last week by adding close to 1,500 points after the Union Budget 2016 and on positive global cues. But, it has lost some momentum this week.

  • I am not too sure whether the worst is behind us, said Anup Bagchi of ICICI Securities. It is unlikely that the index is going to break through the last highs (30,024.74, hit in March 2015). It is going to be in the middle around these levels till we see real earnings growth, not just projections but real earnings growth. If real earnings growth starts to come in, then the market will start moving up. Otherwise it is going to remain range-bound around this level. So we could see plus or minus 5 per cent return from the index in 2016, he added.

  • After market hours: Industrial output contracts -1.5 per cent in January. Showing sluggishness in the economy, industrial production contracted by -1.5 per cent in January - its third straight month of drop - due to poor performance of manufacturing sector and lower offtake of capital goods. Factory output measured in terms of Index of Industrial Production (IIP) had declined by -3.4 per cent in November and -1.2 per cent in December, according to the data released by Central Statistics Office (CSO). The index had registered a growth of 2.8 per cent in January last year, it said.

NIFTY 3-Month

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