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Market Report

Tuesday, 29-Mar-2016


  • The equity market managed to close in the red after a shaky trading session that saw the benchmark indexes swing between gains and losses. The S&P BSE Sensex ended the day lower by 65.94 points, or -0.26 per cent, at 24,900.46 today. The 50-share NSE Nifty50 closed at 7,597.00 today, down 18.10 points, or -0.24 per cent. The Nifty50 closed below its crucial support level of 7,600 led by losses in oil & gas, power, realty, capital goods, and auto stocks.

  • Domestic equity markets navigated rough waters today as multiple triggers confused investors on the Street. Investor sentiment was weighed down on profit booking by domestic institutional investors who have been pulling out funds regularly this month. See our 'Market statistics' page. Crude oil prices tumbled in London and New York, which also dampened sentiments, triggering a gap-up start in European markets.

  • The global risk-on rally that lifted the domestic market to over two-month high is losing momentum and experts feel earnings would be the next big trigger for sustaining the ongoing rally.

  • Going forward, while the concerns on the global side have abated for now, the market needs India-specific triggers to sustain the rally. Till then, our sense is that the market could consolidate at these levels for the near-to-medium term, said Harish Krishnan of Kotak Mutual Fund.

  • I think we are in this classic trading zone between 7,200 and 7,600 and, of course, there is a big event coming up early next week where the market will get some direction. One should be a bit cautious at this point in time, said Sachin Shah of Emkay Investment. I think 50 bps is already factored in the market. Anything significantly above 50 bps could be a positive surprise, but if there is no rate cut, there could be a disappointment, he added.

NIFTY 3-Month

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