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Market Report

Tuesday, 23-Aug-2016

NSE

  • The S&P BSE Sensex ended the day at 27,990.21 today, up 4.67 points or +0.02 per cent. The NSE's Nifty50 settled at 8,632.60 today, up 3.45 per cent or +0.04 per cent, marking an end to its two-day losing streak.

  • Taking cues from the weakness in the US market in overnight trade, the domestic equity markets traded in the negative territory for most part of the day before bouncing back some 100 points to end flat as investors built up for fresh signals from the US Federal Reserve. Thursday's expiry of August series F&O contracts also weighed in on investor sentiment.

  • The Sensex had slipped some 100 points and the Nifty50 had fallen below 8,600 on news that the Indian Railways raised freight rates by up to 19 per cent, which could potentially trigger a spike in inflation, pre-empting any further rate cut by the RBI.

  • Market experts still insisted that it remains a 'buy on dips' market. Even something that was clearly adverse and inflationary in nature was not able to push the Nifty50 below the 8,600 level. Clearly, many stocks were totally not interested in going down. That indicates that this continues to remain a buy-on-dips market. Bank Nifty also remained a buy, said Dr CK Narayan.

NIFTY 3-Month

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