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Market Report

Friday, 18-Mar-2016

NSE

  • The 30-share BSE benchmark settled at 24,952.74 today, up 275.37 points or +1.12 per cent while the broader market index Nifty50 ended at 7,604.35 today, up 91.80 points or +1.22 per cent. The market traded rangebound for most part of the day, but rallied in the last half-an-hour of trade. The Sensex shot up 300 points, closer to the 25,000 mark, while the Nifty50 hit the crucial level of 7,600 for the first time since February 1.

  • This was largely because of foreign buying frenzy in the shares of private banks and IT stocks. There was strong buying across the board, though rate-sensitive realty, auto and bank stocks notched up the biggest gains. The metal shares, too, rallied. Meanwhile, rise in crude oil price and rally in global equities also aided sentiment.

  • Sustained buying by foreign institutional investors (FIIs) and strong global cues triggered a late rally in the domestic market today, helping the benchmark indexes to close positive for the day and log the third straight weekly gain. There was also a fresh spike in the Rupee, which rose to hit an over two-month high against the dollar.

  • Experts are hopeful that the positive bias in the market would continue next week. Ideally, one would want to see the Nifty50 go beyond 7,600, in which case a decent breakout would become possible. We can look forward to the next week with a greater level of optimism. We still remain bullish on the market, said Dr CK Narayan.

  • The undertone remains bullish. So you should approach the market constructively. I guess at 7,600-7,800, bull call spread is a strategy you should be eyeing right now, said Sahil Kapoor of Edelweiss Securities.

NIFTY 3-Month

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