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Market Report

Friday, 10-June-2016

NSE

  • The S&P BSE Sensex ended the day at 26635.75 today, down 127.71 points, or -0.48 per cent, while the Nifty50 of the NSE ended at 8170.05 today, down 33.55 points, or -0.41 per cent. Our markets had opened on a firm note and with a positive bias, with the Nifty hitting intraday high of 8265, but a reversal came around noon to give us a negative closing.

  • Our markets followed a selloff in the European markets after ECB president Mario Draghi's comments about the worrisome state of the euro zone. European markets crashed up to -1.5 per cent, while S&P500 futures were trading half-a-per cent lower when the domestic market closed. Decline in crude oil prices further dented sentiments.

  • Indian stocks declined amid volatility as participants remained wary ahead of the US Federal Reserve meet and worries regarding a UK referendum that could push Britain out of the European Union. Meanwhile, traders continue to closely watch the progress of the monsoon, which arrived in southern India on Wednesday, a day later than forecast.

  • The Indian stock market might be bracing for a perfect storm later in June, which most experts claim could trigger a selloff across the globe. While the domestic triggers remain strong for the short term, global events will dictate market trend in the days ahead. The forthcoming FOMC policy review, Bank of Japan's policy meet and the Brexit referendum in the UK are some of the key events that promise to give equity markets a tough time across the globe.

  • The Nifty50 broke below its crucial support level at 8,200 today, but closed just above its opening level, forming a 'Shooting Star' on the daily candlestick charts. If the Nifty50 index stays below the 8,164 mark for long, there is always the possibility of further decline towards 8,150-8,130 levels, where it will be able to find support. The trend will reverse if it slips below the 8,000 mark, experts said. However, a move above the 8,200-8,250 levels will result in a fresh upward move towards the 8,300 level, they said.

NIFTY 3-Month

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