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Market Report

Thursday, 01-Sept-2016


  • The Sensex surged as much as 96 points in intra-day trade but turned negative in the last 40 minutes of trade. The 30-share index finally ended the day at 28,423.48 today, down 28.69 points or -0.10 per cent while the broader Nifty50 ended at 8,774.65 today, down 11.55 points or -0.13 per cent.

  • The S&P BSE Sensex and the NSE's Nifty50 traded flat right from the word go because of poor GDP growth number for the April-June quarter, which declined to its lowest in six quarters. Markets snapped three day winning streak with telecom shares leading the decline after Reliance Industries announced the launch of Reliance Jio with disruptive pricing strategy in addition to voice calls and national roaming free of cost.

  • The Nifty50 moved in a narrow range of 50 points throughout today's trading session and formed a 'Small Bear' candle, which resembled a 'Spinning Top' kind of formation on the daily candlestick charts. This shows that the bulls and the bears are still fighting even after a breakout above the 8,728 zone. Some sort of profit booking or consolidation is taking place in the market. Now, a close above the 8,800 and 8,820 levels would restore the bullish momentum. As long as the Nifty50 sustains above the 8,700 mark on a closing basis, the trend will still remain on the upside, say experts.

  • Experts, however, were bullish on the market trajectory. The view remains bullish, said Kunal Bothra. It was just another day of consolidation. You cannot expect the market to run every day. We had three good days of good run. I would continue the bullish stance, said Bothra. Dr CK Narayan said, today's decline can be attributed largely to the decline in RIL and a couple of other index heavyweights. I would really not read too much into it, because it seems to be a focused event restricted to one area. The rest of the market seems to be in fairly decent form, he added.

NIFTY 3-Month

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