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Market Report

Tuesday, 22-Nov-2016

NSE

  • Domestic equity benchmark BSE Sensex snapped a six-day losing streak today following gains in US, Asian and European markets. The 30-share index closed 195.64 points, or +0.76 per cent, higher at 25,960.78 today. NSE's Nifty index ended 73.20 points, or +0.92 per cent, higher at 8,002.30 today after falling for three consecutive sessions.

  • Benchmark indices today settled on a positive note after Sensex rallied almost 200 points and Nifty reclaimed 8000 levels at close. Investor sentiment turned positive as Asian shares rallied on Wall Street hitting record highs and oil surged to 3-week high. Among the 50 components of the Nifty pack, 43 stocks ended the day in the green.

  • Concerns over the surprise outcome of the US presidential election and its implications for emerging markets, the impending Fed rate hike and a hit on consumption demand after the Modi government's demonetisation drive have turned foreign investors jittery on the domestic equity market. Outflow of foreign portfolio investment has already topped Rs 10,700 crore so far this month, which is worst ever. Of the 38 firms listed on BSE with FPI holding in excess of 33 per cent, 21 stocks have fallen in double digits in November alone. The top 10 losers have lost anywhere between 15 per cent and 33 per cent during this period.

  • Short covering followed buoyant global stock markets, which gave an impetus to domestic markets, said Karthikraj Lakshmanan of BNP Paribas. The US market led from the front, clocking impressive gains in overnight trade to hit fresh record highs on Monday. It was aided by a jump in oil prices and a pullback in the dollar, he added. Pritesh Mehta of IIFL said: Despite the rally seen over the last half-an-hour of trade, we are in a range-bound market. I am yet to see any bullish pattern in Bank Nifty, the recent leadership sector. We could see F&O expiry at around 8,050 or 8,070 level, he adds.

NIFTY 3-Month

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