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Market Report

Thursday, 07-Apr-2016

NSE

  • The 30-pack S&P BSE Sensex ended 215.21 points, or -0.86 per cent, down for the day at 24,685.42 today. The 50-share Nifty50 ended 67.90 points, or -0.89 per cent, lower at 7,546.45 today. Benchmark shares indices ended lower today as investors booked profits ahead of the fourth quarter earnings dragged by index heavyweights with HDFC declining the most.

  • The domestic market opened weak despite strong cues from the big gains seen in the US market in overnight trade, a fresh bounce in crude oil prices and firm trading in Asian markets. Through the day, none of those triggers could halt a steady slide in the benchmark indices, which eventually closed the day nearly -1 per cent down, dragged the benchmark indices to their three-week lows.

  • Global markets were mostly in the green. Crude prices were mixed and the rupee showed some strength, thanks to a fall in the US dollar. But local factors played spoiler. In Europe, London's FTSE100 index rose, Germany's DAX advanced while France's CAC40 was also trading higher at the time of writing of this report. Elsewhere in Asia, China's Shanghai Composite ended with a slight loss, but Hong Kong's Hang Seng index advanced and Japan's Nikkei rose slightly.

  • Concerns over poor March quarter earnings, a less-than-expected rate cut by the Reserve Bank of India, FII selling, uncertainty over monsoon as well as a drop in global growth rate and possible rate hike by the US Fed are some of the factors weighing on the domestic market. Experts feel this correction is more short term in nature and investors should look at buying in the market on dips. The market is likely to remain rangebound for some more time, as it awaits fresh triggers.

  • Profit booking is seen at higher levels and there seems to be some disappointment over the monetary policy as some quarter expected a higher rate cut. Foreign investors which bought aggresively in March have turned net sellers. Further, expectations of Q3 earnings don't give much of a leeway, said R Sreesankar of Prabhudas Lilladher.

NIFTY 3-Month

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