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Market Report

Monday, 02-May-2016

NSE

  • The S&P BSE Sensex opened on a weak note and quickly went on to shed 200 points before ending the day at 25,436.97, down 169.65 points, or -0.66 per cent. The NSE's Nifty50 fell below its crucial support level of 7,850 to close at 7805.90, down 43.90 points or -0.56 per cent.

  • Benchmark share indices ended lower, amid weak cues from Japan, after disappointing earnings from major corporates and a private survey showed slow down in April manufacturing output.

  • Most Asian markets were shut on Monday, but a -3 per cent plunge in the Tokyo Stock Exchange was enough to spoil the mood together with a sharp fall in European banking shares. What triggered selling during the session was a sharp drop in India's April manufacturing PMI reading as well as lack of any positive earnings surprise. All of that gave the market enough negative vibes in an otherwise rangebound session.

  • Experts see further correction ahead in the market and suggest a 'stock-specific' approach. The market is still trying to find the lower end of the range,said Mitesh Thacker. We are seeing some support around the 7,780-7,785 mark. I think the 7,750 level is where I was looking at. Maybe, we will go there and then stabilise. Overall, this is a market which is likely to consolidate over the next few days. Therefore, a very stock-specific approach is what we suggest to investors, said Thacker.

NIFTY 3-Month

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