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Market Report

Friday, 06-May-2016

NSE

  • The benchmark Sensex opened some 150 points down and slipped as much as 204 points at one point before finally ending the day at 25,228.50 today, down 33.71 points or -0.13 per cent. The Nifty50 closed at 7,733.45 today, down 2.05 points or -0.03 per cent. Through the day, the market remained rangebound.

  • After losing the battle to the bears comprehensively in the initial hour of trade, the bulls made a smart comeback in late trade. A selloff in European stocks could not stall the recovery. The BSE Sensex ended 33 points down, recovering from a 204-point fall. The Nifty50 reclaimed the 7,700 mark at the close.

  • The domestic equity indices edged lower on caution ahead of a US payrolls report for April that could influence bets on future Fed rate hikes. Fears of a possible rate hike by the US Fed have returned to haunt Dalal Street today, which dragged the BSE Sensex down through the day, making it to log the second consecutive weekly loss.

  • It was an extremely volatile session in a small range. If you looked at the Nifty, it traded in a range of about 50-70 points, but the actual tradable range for most of the day was something like 30 points, said Dr CK Narayan.

  • We expect Nifty's support of 7,700 to continue for the next couple of sessions. We expect Nifty to again start its positive trend and soon retest the 7,950-8,000 levels. The market's bias remains on the positive side, said Sacchitanand Uttekar from the Motilal Oswal Group.

NIFTY 3-Month

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