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Market Report

Thursday, 24-Nov-2016

NSE

  • The BSE Sensex sank 191.64 points, or -0.74 per cent, to close at 25,860.17 today, while NSE's Nifty50 settled 67.80 points, or -0.84 per cent, down at 7,965.50 today. Among the 50 Nifty stocks, 32 ended the day in the red after the rupee fell to a record low, dampening market sentiment.

  • Snapping two-session long gaining streak, benchmark indices settled in red after rupee touched fresh lows of 68.87 against dollar during the day due to strengthening US dollar as selling continued amid fund outflows and demoentisation woes. Sensex cracked as much as 251 points during intra-day while Nifty 50 again fell below 8,000 mark dragged by banking, auto and realty sectors on November F&O expiry. Nifty posts biggest loss in a series since August 2013.

  • The Nifty50 remained in the grip of the bears for most part of the trading session today as the November series futures and options contracts expired. The bulls tried to make a comeback, but selling pressure pushed the index below the 8,000 mark, which resulted in a bearish candle on the daily candlestick charts. The bearish candle could be related partly to the expiry of the November series and, hence, it would negate the reversal pattern suggested yesterday. Traders should avoid forming long positions on the index and wait for the Nifty50 to surpass the 8,000 and 8,050 levels, say experts.

NIFTY 3-Month

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