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Market Report

Monday, 11-Apr-2016

NSE

  • The BSE Sensex climbed 348.32 points, or +1.41 per cent, to settle the day at 25,022.16 today. NSE barometer Nifty50 surged 116.20 points, or +1.54 per cent, to settle at 7,671.40 today.

  • The market was flat till about 2 pm, but surprised one and all as it began a steep climb. After remaining in a tight range for most of the session, a spike in the market in late trade took most equity investors by surprise. The buying spree was visible largely in largecap stocks. The rally in largecaps in fact overshadowed gains seen on smallcap and midcap indices, which were in the positive terrain throughout the session.

  • As the market staged a strong bounce back today, the Nifty50 formed a bullish lower shadow on the Japanese Candlestick charts, signalling that the market is finally out of bear grip. After falling near the 7,500 level in intraday trade, the Nifty50 staged a smart rebound during the day and settled at the day's high above the 7,670 mark. In the process, the NSE barometer comfortably breached the crucial range of 7,530-7,550 on a closing basis, giving traders a reason to believe that the market has found its bottom at least for the next couple of sessions. This has increased the chances that the index may now look to take out its recent top of 7,777, hit on March 31.

  • The turnaround in the market came so swiftly and so suddenly that it caught everyone unawares. My sense here is that somewhere, something is afoot and that has triggered the big move. It could be the 70-100 points surge in Dow futures or the reforms in Europe. But I really do not know why our market should respond so vigorously, said Dr CK Narayan.

  • Some analysts attributed today's upsurge to rising expectations on the Street that India Inc might surprise positively with fourth quarter earnings after two consecutive disappointing quarters. The government said that the monsoon is expected to be normal after two years of deficient rainfall. This, too, guided the investors.

NIFTY 3-Month

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