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Market Report

Thursday, 12-May-2016

NSE

  • The 30-share Sensex closed at 25,790.22, up 193.20 points or +0.75 per cent while the broader Nifty50 ended at 7,900.40 today, with a gain of 51.55 points or +0.66 per cent. It was a smooth day for the NSE benchmark, which topped the 7,900 mark at close. For every stock that fell on BSE, two others ended higher.

  • The revision of the Mauritius tax treaty gave investors enough jitters in yesterday's session, but the domestic equity market seemed to have shrugged off the scare and turned upbeat all through the day as clarity emerged and many analysts pointed out that the government has made enough provisions to ensure that there is no major flight of foreign portfolio money from our market in the near term. At around 1 pm, the momentum was lost some bit but that was shortlived and the market quickly regained the tempo.

  • The Nifty50 staged an impressive bounceback today to close above its crucial resistance level of 7,900, thus forming a 'Spinning Top' kind of pattern on the daily candlestick charts. This candle is often seen as a neutral pattern and should be studied with other indicators as well as patterns on the daily charts. On an intraday chart, Nifty50 formed an inverse head & shoulder pattern, which is a bullish signal.

  • Markets are likely to witness an uptick with reports suggesting that monsoons are expected to be better this year after two consecutive droughts, said Mayuresh Joshi of Angel Broking. Meanwhile, the results have been quite reasonable so far and have met street expectations on most counts. We might have witnessed a few misses in terms of margin disappointments, tepid guidance given by few companies but largely not too disappointed, added Joshi.

  • After market hours: Retail inflation has raced up to 5.39 per cent in April, while March IIP came in at just 0.1 per cent, putting a question mark on government's efforts to prop up the economy. Retail inflation was estimated to be 5.00 per cent in April from 4.83 per cent in March. Factory output measured in terms of Index of Industrial Production (IIP) was 2.5 per cent in March last year. The index had registered a growth of about 2 per cent in February this year.

NIFTY 3-Month

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