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Market Report

Wednesday, 10-Aug-2016

NSE

  • The 30-share Sensex lost 310.28 points or -1.10 per cent in intra-day trade before closing at 27,774.88 today. India VIX claimed +2.64 per cent, as the Nifty50 settled at 8,575.30 today, down 102.95 points or -1.19 per cent. The S&P BSE Sensex opened 50 points higher, but quickly slipped into the red. The Nifty50 held above the 8,650 level, but soon started trending in the negative zone as investors booked profits.

  • Benchmark share indices registered their highest single-day loss in percentage terms since June 24, the day of the Brexit verdict, on profit booking after sharp gains recently outpaced valuations. The domestic equity market on Wednesday logged losses for the second consecutive session in a week, a day after RBI maintained status quo on policy rate.

  • The S&P BSE Sensex slipped below its psychological level of 28,000 while the Nifty50 is now trading below the 8,600 mark. It is hard to imagine that the domestic equity market is trading lower at a time when Asian markets as well as the US markets hit record highs. The US markets hit fresh record highs in overnight trade while Asian markets hit one-year high on Wednesday. Global cues remained fairly stable, but the domestic market slipped into a consolidation mode, which was in the offing, experts said.

  • The bulls failed to take the Nifty50 above the 8,650 level, as the bears took control of Dalal Street and pushed the index below the 8,600 mark today. The index formed a 'Bearish Belt Hold' pattern on the daily candlestick charts. After forming a 'Hanging Man' in the previous session, a 'Bearish Belt Hold' pattern confirms a bearish view. This pattern often signals a possible reversal in investor sentiment. The 8,580 level now becomes crucial for the market. The Nifty50 closed below this level today and if it stays below this mark on Thursday, further correction towards 8,518-8,500 levels could be on cards, experts said.

NIFTY 3-Month

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