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Market Report

Monday, 09-May-2016

NSE

  • The S&P BSE Sensex closed the day higher by 460.36 points, or +1.82 per cent, at 25,688.86 today. The 50-share NSE barometer, Nifty50, ended at 7,866.05 today, up 132.60 points or +1.71 per cent. Both equity indices blazed through key support levels, rallying on global cues.

  • Markets finished the session on a robust note on fresh buying by participants amid strength in the European equities. A weak jobs data dampened prospects for a Federal Reserve interest-rate hike next month further boosting the sentiment. Also, expectations of good monsoon and hopes of passage of the Bankruptcy bill in the Rajya Sabha supported the rally.

  • The domestic equity market made a strong comeback today following strong global and domestic cues after a rather disappointing last week. A jump in crude oil prices and strong opening in European markets also supported risk-on sentiments.

  • For a short-term trend reversal, the confirmation will come only if the market sustains above the 7,800 mark, said Rohit Gadia of CapitalVia. And a move above 8,000 will help the market resume its medium-term upward trend. The Nifty50 bounced back and closed a little above the 7,700 mark on Friday, where we saw a gap on the daily chart last month. A gap being the imbalance between demand and supply, it offers an important clue regarding support and resistance, he said.

NIFTY 3-Month

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