Market Update

Saturday, 19 November 2016

Best Advisory Company Provide Weekly Roundup Report

Weekly roundup: Sensex, Nifty50 plunge up to 3%; smallcaps take a knock

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Experts said that Nifty50 levels in 8,000-8,050 zone depicted strong resilience and remained major support for the index

The equity benchmarks settled the holiday-truncated week ended November 18 near six-month lows discussion on impact on demonetisation on consumption, washout of initial session of winter session of Parliament and the US Fed Chair Janet Yellen’s comment on interest rate hike influencing the market sentiment through the week.
During the week, the S&P BSE Sensex shed 668 points, or over 2%, to settle at 26,150 on Friday. The broader Nifty50 dropped 222 points, or nearly 3%, to close the week at 8,074. Midcap and smallcap crashed. The BSE Midcap index lost 3%, while the BSE Smallcap index dipped 5% during the truncated week.

Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services said that market participants were shying away from taking fresh positions.

“The market remained in a strong downtrend and moved lower throughout the week. The levels around 8,000-8,050 depicted strong resilience and remained major support region,” said Rohit Gadia, Founder & CEO at CapitalVia Global Research.

Gadia said that last week’s fall is not enough to conclude the negativity is over and that the market will witness a trend reversal.

“Unless Nifty50 manages a strong recovery and closes above the nearest supply level around 8,200, the medium term trend will remain down. The chance of doing so seems very low and we expect in case market break below the level of 8,000, the downtrend is likely to gain momentum. In that case, we expect the market to move till 7,800 level,” he added.

The week saw BSE Metal index dropping 6.4%, followed by the BSE Consumer Durables index (down 6.3%), the BSE Realty index (down 4.5%), the BSE FMCG index (down 4.5%) and BSE Bankex (down 3.9%).  The BSE Power and BSE IT index shed 0.9% and 0.1%, respectively.

Among stocks, Tata Steel plunged 9% for the week, while its DVR shares were down 9.1% on NSE. Ambuja Cements plummeted 9.5%, Grasim Industries tanked 8.9%, while Zee Entertainment slumped 7.9 %.
Gainers included Bank of Baroda (up 10.3%), NTPC (4.9%) Power Grid (4.8%) and Tech Mahindra (3.7%).
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