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Market Report

Monday, 28-Mar-2016

NSE

  • The S&P BSE Sensex plunged 371.16 points, or -1.46 per cent, to close the day at below the 25,000-mark at 24,966.40 today. The BSE benchmark slipped below its 100-day moving average. The 50-share NSE Nifty50 ended the day lower by 101.40 points, or -1.31 per cent, at 7,615.10 today. The drop in the index was led by metals, banking and pharma stocks.

  • Benchmark indices ended lower by over -1% to snap their four-day winning streak, amid weakness in Asian peers with financials shares contributing the most to the decline. Depreciating Rupee and rise in crude oil prices further dampened investor sentiment. Participants are patiently waiting for RBI monetary policy review due on April 5 amid hopes of a 25 basis points cut in interest rates. Meanwhile, volatility is likely to be witnessed this week on account of March series futures and options contracts expiry.

  • The decline in the market was in line with the slump in emerging market economies reflected in the -2.23 per cent drop in the MSCI Emerging Market index. Investor sentiment was dampened by the rising possibility of US Fed rate hike in April and dampened expectations from RBI's monetary policy meet on April 5.

  • I think it is only prudent to expect some consolidation after the runup that we have had for the whole of March. My sense is that if we consolidate at this level and if we have some positive triggers in the form of a pleasant rate cut of more than what the Street expects, then we could go beyond the 7,750 mark, said Gaurang Shah of Geojit BNP Paribas.

NIFTY 3-Month

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