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Market Report

Tuesday, 05-Apr-2016

NSE

  • The S&P BSE Sensex ended the day at 24,883.59 today, down 516.06 points or -2.03 per cent. The broader Nifty50 index of the NSE plunged 155.60 points or -2.01 per cent to close at 7,603.20 today.

  • The bulls surrendered meekly to the selloff, with the BSE Sensex falling below the 25,000 mark and also its 100-day moving average. NSE barometer Nifty50 barely managed to end above the 7,600 mark in its biggest fall in two months in percentage terms, as the minimum RBI rate cut appeared to have disappointed investors.

  • The 25 basis points repo rate cut that the central bank delivered at its first rate-setting meeting of the new financial year was not enough for equity investors, who resorted to a large-scale selling that took the benchmark Nifty down by over 147 points intraday after opening lower. The carnage eroded equity investors' wealth by Rs 1.64 lakh crore as measured from the loss of market-cap of the BSE-listed stocks.

  • Such was the pace of the selloff that the Nifty50 had lost its crucial support level of 7,650 within two hours of the money policy announcement. Earlier, the market had opened on a weak note following weak trading in the US and other Asian markets and a fresh slump in crude oil prices.

  • I do not believe there is any immediate support coming through this considerable pressure. Rallies remain a sell, particularly in Bank Nifty. Once Bank Nifty breaks 15,800, it should probably drop to about 15,500, said CK Narayan.

NIFTY 3-Month

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