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Market Report

Tuesday, 06-Sept-2016


  • Throughout the day, the index went on to break multiple resistance levels. The 30-share Sensex closed 445.91 points, or +1.56 per cent, higher at 28,978.02 today. The broader Nifty50 settled at 8,943.00 today, with a gain of 133.35 points, or +1.51 per cent. The broader market matched steps with the equity benchmarks as the BSE Midcap index added +1.8 per cent and the Smallcap index +0.95 per cent.

  • The S&P BSE Sensex, which opened with a strong gap-up, surged 446 points to scale Mount 29,000 for the first time since April 13, 2015, while NSE barometer Nifty50 ended at 8,943.00, its highest level since March 3, 2015 after slower than expected growth in US jobs data during August dampened the prospects of an early rate hike by the US Federal Reserve.

  • The bulls continued to make noise on Dalal Street as the S&P BSE Sensex rose more than 800 points in five sessions to hit a fresh 18-month high of 29,013.40 while the Nifty50 rose over 300 points in just five sessions to touch a 17-month high of 8,950.85 today. The latest rally on the bourses was also triggered by outcome of a monthly survey showing that August saw a solid rebound in the rate of expansion in Indian service sector business activity.

  • The Nifty50 formed a 'Long White Day' or long bull candle on the daily candlestick charts today. This formation signifies that the market witnessed sustained buying interest from the bulls for most part of the trading day, which is a bullish sign. This formation on the daily candlestick charts and Nifty50 crossing of the 8,900 level on a closing basis are positive signs for the bulls. If the momentum continues, the index will be on track to hit its next logical target of 9,000, experts said. The index is just 176 points away from its lifetime high of 9,119, but may come under selling pressure around 9,000 level, which investors should use to enter the market, experts said as the market momentum remained strong.

NIFTY 3-Month

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