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Market Report

Tuesday, 24-Mar-2020

NSE

  • The 30-share Sensex closed 2.67 per cent or 692.79 points higher at 26,674.03 today. Earlier in the day, it had risen more than 1,200 points on hopes the Finance Minister will unveil an economic package. The 50-share Nifty advanced 2.51 per cent or 190.80 points to close at 7,801.05 today. For the Sensex, 19 of the 30 stocks closed with gains, and for the Nifty, 35 of the 50 stocks closed in the green today. Broader market did not participate as much in today's rally. BSE Midcap and BSE Smallcap indices closed 1.56 per cent and 0.05 per cent higher, respectively. All but four sectoral indices shut shop in the green at the BSE.

  • Benchmark equity indices rose on Tuesday, mirroring gains in global equities as US Federal Reserve announced limitless dollar funding, but closed off day's highs after Finance Minister Nirmala Sitharaman did not unveil an economic package to soften the blow from the lockdowns in several parts of the country due to the coronavirus pandemic. The US action helped domestic equity market to bounce back from Monday's worst one-day losses. Asian and European stocks rallied on Tuesday as the US Federal Reserve's promise of bottomless dollar funding eased painful strains in financial markets across the globe.

  • The market made a stronger-than-expected start, but failed to sustain at higher levels, as NSE Nifty slipped nearly 500 points from the opening highs. However, the index started to inch higher in late morning trade and finally ended with modest gains. Nifty50 cut its intraday gains and closed below its opening level, forming an indecisive Doji candle on the daily chart. While there were no clear signs of a reversal, analysts said Nifty sustaining above the 7,500 level could give traders some comfort in the coming sessions.

  • A full country-wide 21-day lockdown has been announced by our PM, starting at midnight today. This was deemed necessary to deal with novel coronavirus threat, as the Covid-19 tally has crossed the 500-mark in India. Over 25 fresh cases of novel coronavirus cases were reported from across the country on Tuesday, taking India's tally to 524. Globally, the confirmed infections are nearing 4,00,000 with more than 16,500 people dead.

NIFTY 3-Month

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