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Market Report

Wednesday, 15-June-2016

NSE

  • The S&P BSE Sensex surged 330.63 points, or +1.25 per cent, to end at 26,726.34 and the Nifty50 gained 97.75 points, or +1.21 per cent, to close at 8,206.60 today. The Nifty50 rose over 100 points and closed around its crucial psychological level of 8,200, supported by gains in power, oil & gas, banks, capital goods and telecom stocks.

  • The market started on a positive note today morning and built on that momentum, a day after Finance Minister Arun Jaitley said he has managed to get the support of virtually all states except Tamil Nadu on the landmark GST tax reforms. Government approval to a plan to merge some of the associate banks of SBI with the country's largest lender proved the Midas' touch for Dalal Street today, as it gave Sensex a lift in late afternoon trade in an otherwise dull domestic market.

  • Benchmark indices ended at one week high supported by Asian and European markets amid a rising rupee. Participants engaged in buying beaten down bluechips at lower and attractive valuations. Investors are cautiously awaiting the policy decisions from the Federal Reserve and the Bank of Japan (BoJ). The US Federal Open Market Committee concludes its two-day meeting today while the Bank of Japan will start its two-day meeting today.

  • After consolidating for two straight sessions, the bulls managed to push the Nifty50 index above its crucial resistance level at 8,200 today and ended up forming a 'Long White Day' pattern, or a long bull candle, on the daily candlestick charts. The formation of a long white candlestick suggests strength in the index and can mark a potential turning point, which can also become a crucial support level. However, the trend shall significantly tilt in favour of the bulls once the Nifty50 closes above the 8,300 level, experts say.

NIFTY 3-Month

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