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Market Report

Friday, 08-Apr-2016

NSE

  • The Sensex ended the day at 24,673.84, down 11.58 points, or -0.05 per cent, led by index heavyweights. Realty, PSU banks and pharma stocks led the Nifty50 to end at 7,555.20, up 8.75 points or +0.12 per cent. Our market closed so flat today that the Sensex closed in the red while the Nifty closed green. For the whole week, the equity benchmarks were down nearly -3 per cent each.

  • Domestic equity benchmarks swung between gains and losses all through the day today amid mixed global cues and domestic earnings jitters. The momentum was positive in the broader market with both the BSE Midcap index and Smallcap index ending in the positive. Investors booked profit ahead of the March quarter earnings season that kicks off on Monday. Also, sustained capital outflows by foreign funds and volatility in the oil and commodity segments dented sentiment.

  • Nifty has breached the support level 7,580, as a result of which the down side target is seen at 6,800 levels by end of May 2016. For aggressive traders, the upper side for the Nifty is 7,780. We continue to remain negative on markets from a medium term perspective with Nifty seen to be hitting 6,600 and 6,300 levels in the span of next 3-5months, said AK Prabhakar of IDBI Capital.

  • With the domestic equity market saying goodbye to the March rally and embracing consolidation, experts say the market will now wait for the next big trigger, which is monsoon. We have had two years of bad monsoon. Everybody is expecting this year to be good. If the Indian Meteorological Department (IMD) forecast is good, things will look positive for the market, said Sandip Sabharwal.

NIFTY 3-Month

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