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Market Report

Wednesday, 22-June-2016

NSE

  • In the last half-an-hour of trade, the market recovered some bit but cautious investors made the Sensex close flat at 26,765.65 today, down 47.13 points or -0.18 per cent. The broader Nifty50 shed 16.20 points or -0.20 per cent, to end the day at 8203.75 today, but managed to close above the crucial level at 8,200.

  • The S&P BSE Sensex and NSE's Nifty50 opened flat but slipped into red soon after and continued to swing between gains and losses through the day. At one point, the Sensex was down as much as 269.84 points. Investors seemed confused and most analysts said market movement over the next few days would hinge on the outcome of the Brexit poll.

  • Markets ended lower for the second straight session as investors turned cautious amid uncertainty over the outcome of Britain's referendum on Thursday whether to remain in the European Union or not. Polls say the race is too close to call after a swing toward the "Leave" campaign came to an apparent halt last week following the murder of Labour Party lawmaker Jo Cox, a supporter of staying in the EU.

  • In the worst-case scenario, you can look at a 7,500 level over the next five to seven sessions if Brexit does materialise, said market expert Sudip Bandyopadhyay. If Brexit does not happen, it is going to be a major positive for markets the world over, including India. Remember, the other macro factors for India have turned positive, be it the progress of monsoon or executive steps that the government has been taking, added Bandyopadhyay.

NIFTY 3-Month

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