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Market Report

Monday, 04-Apr-2016

NSE

  • The S&P BSE Sensex closed at 25,399.65 today, up 130.01 points or +0.51 per cent while the NSE's Nifty50 ended at 7,758.80 today, advancing 45.75 points or +0.59 per cent. The Nifty50 reclaimed its crucial psychological resistance level of 7,750 in today's trade, but experts feel the index may come under selling pressure near its next resistance level of 7,800.

  • Experts said the market was looking forward to what RBI governor Raghuram Rajan would do on Tuesday, even as an ET Poll predicted that he would cut rates by 25 bps. The Reserve Bank of India, which is scheduled to hold its first monetary policy review of this financial year, will give direction to market in the near term. However, most experts do not see a runaway rally even if RBI slashes rates by 50 bps.

  • BSE benchmark Sensex had slipped into the red, down 49 points, in intraday trade after opening 100 points higher, but rallied in afternoon trade in line with the European markets, which opened weak but bounced back soon after. The market gathered momentum only in the last hour of trade as Hong Kong and China markets were closed for the day on account of an official holiday. Elsewhere in Asia, Japan's Nikkei closed 1.32 per cent lower at 16,537.77. In Europe, markets opened weak but bounced soon after.

  • India's March Nikkei manufacturing PMI stood at 52.4 against 51.1 in February, which affected the market movement.

  • The index seems to be waiting for Tuesday's event, which can probably drive the market either way, said CK Narayan. The index is still seeing some consolidation. The index might not do much, but I think eventually we are looking at this consolidation in the 7,760-7,780 range, said Mitesh Thacker.

NIFTY 3-Month

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