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Market Report

Wednesday, 06-Apr-2016

NSE

  • The 30-pack Sensex, which began the day with a smart bounce of 100 points, closed at 24,900.63 today, up +0.07 per cent or 17.04 points, while the broader Nifty50 of the NSE ended at 7,614.35 today, with a gain of +0.15 per cent or 11.15 points. The broader markets, however, outperformed the benchmark indices - BSE Midcap and Smallcap indices were up +0.6% and +1%.

  • After witnessing sharp decline in the previous session, markets ended flat amid consolidation today, as global worries weighed on investor sentiment, with metal shares gaining the most. Meanwhile, investors are keenly awaiting fourth quarter earnings slated to be commence next week. Yesterday, indices slumped over -2% as weak global cues took precedence over Reserve Bank of India's rate cut by 25 bps which was in line with economists' expectations.

  • Global cues played spoiler today as the Japanese equity market continued its losing streak while worries over China returned to haunt markets. Crude oil prices rose again amid fresh hopes of a production freeze, but European markets opened mixed in the afternoon putting fresh pressure on the domestic benchmarks.

  • Although market corrected post the policy announcement, focus has now shifted to earnings and global cues. If the Nifty trades below 7560 then expect correction till 6800 or below by end of May 2016 as profit booking is likely to emerge ahead of results season. The focus of the RBI policy yesterday was more on easing liquidity in the system and ensuring that banks pass on the rate cuts, said AK Prabhakar of IDBI Capital.

NIFTY 3-Month

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