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Market Report

Thursday, 29-Sept-2016

NSE

  • The BSE Sensex nosedived 465.28 points, or -1.64 per cent, to close at 27,827.53 today, while the Nifty50 tanked 153.90 points, or -1.76 per cent, to end the day at 8,591.25 today. This was the biggest single-day loss for both the indices in three months.

  • The BSE Sensex crashed more than 450 points, while NSE benchmark Nifty50 tanked below the 8,700 mark. Benchmark indices ended at their lowest closing levels since August 26, 2016 as risk-aversion prevailed following September F&O expiry today and concerns over foreign capital outflows amid geo-political tensions arising between India and Pakistan after the Indian Army conducted surgical strikes across LoC in Pakistan late last night.

  • Smallcap and midcap stocks were hit the hardest. The BSE Midcap index plunged 477 points, or -3.56 per cent, with 78 out of 82 scrips ending the day in the red. In the smallcap segment, 737 out of a total 782 stocks took the plunge. The Nifty recouped some of the losses but it was not enough to pull the index above its crucial support level of 8,600. The sentiment still remains bearish till the time Nifty50 trades below the 8,688 level.

  • Some market experts said the market crash has created opportunity for long-term investors to enter the market. Nilesh Shah of Kotak Mutual Fund said the market crash was not going to impact long-term investors. On the contrary, investors should use the dips to enter the market, Escalation in geopolitical tension was the reason behind today's fall. Today being the last day of the expiry, the volatility has also been accentuated, he said.

NIFTY 3-Month

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