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Market Report

Monday, 12-Sept-2016

NSE

  • The benchmark index of Bombay Stock Exchange Sensex shed 443.71 points, or -1.54 per cent, to settle at 28,353.54 today. The index, which opened at 28,481 against previous close of 28,797, witnessed an intraday high of 28,481 and low of 28,251. The Nifty50 tumbled 151.10 points, or -1.70 per cent, to end the day at 8,715.60 today. The India VIX settled in the negative terrain at 15.2400.

  • The benchmark equity indices fell nearly 2 per cent owing to the global selloff, amid fresh talks of the US Federal Reserve hiking interest rate while ECB and Bank of Japan also showed inhibition in further easing their liquidity boosting policies. The downturn in stocks was in line with the global turmoil, after a prominent US policy maker on Friday hinted that the Fed might be compelled to hike rates in the near future. Stocks and bonds crashed worldwide. No one was spared, not even the Israeli stock market.

  • The bulls surrendered to a global selloff today, with the Nifty50 conceding multiple support levels as it formed a 'Spinning Top' pattern on the daily candlesticks chart. The formation of this pattern could mean that the traders might opt for selling on rallies in the near future. This is testament of a wide range of price movements throughout the session. But there is hope that the 8,700 level will still remain a key support for it in the near future.

  • Experts hope that the market will go higher after a subdued week. Trading is expected to be light across the rest of this week, said Dr CK Narayan. If we do not get any followup bad news, I do not believe we will see much more of decline from here. 8,700 being a round figure support for Nifty can come in for some sort of test but that is about it. I do believe market will spend a few days here and then attempt to go higher again, said Dr Narayan.

NIFTY 3-Month

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