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Market Report

Wednesday, 08-June-2016

NSE

  • The S&P BSE Sensex ended the day with marginal gains of 10.99 points, or +0.04 per cent, at 27,020.66 today, while the 50-share Nifty50 closed at 8,273.05 today, up 6.60 points or +0.08 per cent. In the broader market, the BSE Midcap and Smallcap indices closed with smart gains of +0.52 per cent and +0.89 per cent, respectively.

  • The domestic equity market was devoid of enthusiasm and traded rangebound all through the day today. Lack of cues at home and from abroad and signs of exhaustion after a 15 per cent runup since the Union Budget made investors to take a more calibrated approach on Dalal Street.

  • Banking stocks again stole the limelight on reports of a possible extension of term for the RBI Governor Raghuram Rajan. The Nifty PSU Bank index ended +0.94 per cent higher with shares of SBI, Oriental Bank and PNB topping the charts.

  • Nifty has made a bullish mat & hold pattern in the daily candle-stick charts which suggest further bullish momentum will be sustained in incoming trading sessions, said Mustafa Nadeem of Epic Research. Bears are continuously being squeezed out at every dips as we see higher levels going forward. Bulls have further opened the higher level to 8350-8400 in near term with OI data indicating the same as we see strong support formation at 8150, he says.

NIFTY 3-Month

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