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Market Report

Tuesday, 26-Apr-2016

NSE

  • Domestic equity indices closed near their 2016 highs today as they surged to erase the losses of the year. The BSE Sensex rose 328.37 points, or +1.28 per cent higher to end at 26,007.30 today, closing above the 26,000 mark for the first time since January 1. The BSE's 30-share barometre swung as much as 500.95 points in intra-day trade. The Nifty50, its broader market counterpart on the NSE, closed at 7,962.65 today, up +1.37 per cent or 107.60 points.

  • The Nifty50 and Sensex both broke above crucial technical resistance levels in the session. The Sensex closed above its 200-day moving average of 25,873, which is indicative of a bullish undertone. Nifty50, too, closed above its 200 DMA.

  • All through the first half of the session, the domestic market remained sluggish and traded with losses. The benchmark indices picked up pace immediately after Maruti Suzuki announced its March quarter numbers. The country's largest carmaker didn't report stellar numbers; Q4 profit after tax fell -12 per cent to Rs 1,130 crore. But the earnings were not as bad as expected, which helped the stock gain and also the key indices. This also gave confidence to domestic equity investors.

  • It was indeed a bolt from the blue. It is very clear that a big chunk of new buying has entered the market. Meanwhile, shorts are getting squeezed, which shows the market is still maintaining higher levels. This is indicative of the fact that either the buyer is still there or more shorts exist, said Dr CK Narayan.

  • On Wednesday, when the market opens, all eyes will be on the two-day Federal Open Market Committee meeting, which will kick off later today, after market hours.

NIFTY 3-Month

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