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Market Report

Wednesday, 01-June-2016

NSE

  • The 30-pack Sensex ended the day flat at 26,713.93 today, up 45.97 per cent or +0.17 points, while the Nifty50 settled at 8,179.95 today, up +0.24 per cent or 19.85 points. Benchmark indices ended marginally higher after profit booking in bank shares capped upside gains.

  • On a day when everyone expected the market to ride high after a set of robust GDP data and fiscal deficit number, which came in bang on target at 3.9%, today's session ended up being a slow and dull one, as traders turned cautious. That, even after the manufacturing PMI edged higher for the fifth consecutive month in May.

  • The S&P BSE Sensex and the broader Nifty50 index opened flat in the morning, with the latter reclaiming the 8,200 mark within the first hour of trade. The market turned choppy soon after. A late attempt to bounce back was thwarted after the European markets opened in the red. The only saving grace, however, was that the market still managed to close in the positive terrain.

  • Most analysts continued to sound positive on the market. The market has just been seeing some churning in a small zone. It is not ready to concede any ground but not willing to go up further as well. As long as it continues to hold on to this level, there is a possibility that the benchmark indices will move higher mainly because the existing long holders are not selling out and the new positions are getting added slowly, said Dr CK Narayan.

NIFTY 3-Month

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