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Market Report

Wednesday, 25-May-2016

NSE

  • The S&P BSE Sensex surged to 25,897.87 before ending the day with a gain of +2.28 per cent or 575.70 points at 25,881.17 today. The broader Nifty50 index reclaimed its crucial level of 7,900, led by gains in IT stocks and PSU and private banks. The 50-share barometer closed at 7,934.90 today, up +2.40 per cent or 186.05 points, scoring its biggest intraday percentage gain since february 15th.

  • A bumper monsoon prediction by a private weather forecaster and a positive commentary on the Indian market from global brokerage Morgan Stanley gave the domestic equity indices a big lift today. There was sustained buying on Dalal Street throughout the day, extending gains for second straight day, as investors turned bullish after Morgan Stanley upgraded the Indian market to 'overweight' from 'equal weight'.

  • Meanwhile, the southwest monsoon advanced into some parts of southeast Bay of Bengal, entire south Andaman Sea and Nicobar Islands and some parts of north Andaman Sea last week. The Australian weather bureau has declared that the El Nino effect has faded after two years. That augurs well for India's kharif season that spans the June-September months.

  • Experts said investors should keep buying stocks. I would be comfortable carrying on longs or maintaining long positions and maybe you would want to trail your stop losses now to about 7,875 level. I think the 7,980 level still remains the target for me on the upside. So, the 7,980-8,000 is an important range to watch, said Mitesh Thacker. Technically, the market is still trading in the broad range between 7,750 and 8,025 levels and any fresh move upwards will have to be on the back of a closing above the 8,050 level, experts said.

NIFTY 3-Month

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