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Market Report

Friday, 29-Apr-2016


  • Our market recovered most of the early losses in the last half-an-hour of trade today. The 30-share Sensex ended at 25,606.62 today, up 3.52 points or +0.01 per cent while the Nifty50 closed at 7,849.80 today, up +0.03 per cent or 2.55 points. It hit a low of 7,788.70 and a high of 7,889.05 during the session.

  • The S&P BSE Sensex opened cautiously and then traded with gains for about two hours. However, midway through the market lost momentum and slipped into the red. The Nifty50 followed a similar trajectory. A very important level, which most technical experts were expecting the Nifty not to breach was 7,820.

  • Poor March quarter earnings from ICICI Bank and weak global cues spooked Dalal Street today, causing the equity benchmarks to close flat. Weakness in Asian markets didn't help matters while European markets opened in the red, putting fresh pressure on the indices.

  • Experts seemed clueless about the real cause of volatility in the market. We are seeing a lot of intraday volatility in the Nifty50. The upward spikes were sharp. Normally, what you see is that the downward spike is very swift and the upward rallies are slow. I have absolutely no clue why it is happening this way, said Dr CK Narayan.

  • More consolidation might happen around these levels, but I still believe there is a chance that on the downside we might head towards 7,750, said Mitesh Thacker. The way the short-term charts have seen a minor breakdown, it typically shows profit booking and consolidation at higher levels. So that process has already begun, he said.

NIFTY 3-Month

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