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Market Report

Thursday, 08-Sept-2016

NSE

  • The Bombay Stock Exchange's headline index, Sensex, opened at 28,929 against previous day's close of 28,926. It hit an intraday high of 29,077 and low of 28,854, before ending the day 118.92 points, or +0.41 per cent, higher at 29,045.28 today. The broader Nifty50 of the National Stock Exchange followed suit, as it breached the crucial psychological level of 8,950 to settle at 8,952.50 today, up 34.55 points, or +0.39 per cent.

  • After maintaining tranquillity for most part of the trading session, the domestic stock market saw a sudden surge at the fag-end of the session today, which lifted S&P BSE Sensex to a fresh 52-week high. However, investors across the globe have turned cautious ahead of the European Central Bank's monetary policy decision later in the global day.

  • Weak revenue guidance from India's largest IT firm, TCS, wreaked havoc on the IT counter today, pulling down several other IT biggies along with it. With IT holding over one-third weightage in benchmarks Sensex and Nifty50, the profit warning from TCS could have easily dented market sentiment. But that did not happen, thanks to a spurt in the defensive stocks and firmness in Reliance Industries' shares. Defensive stocks such as ITC, Sun Pharma and Hindustan Unilever came to the rescue of the market today.

  • The Nifty50 came within kissing distance of a fresh 18-month intraday high today and in the process formed a 'Short Bull Candle' on the daily candlestick charts. The index briefly moved in a range for the most part of the trading session, but failed to surpass its previous day's high of 8,968. But it managed to close above its crucial support level of 8,950 and hit a fresh 18-month closing high. A 'Short Bull Candle' formed after a 'Bearish Belt Hold' pattern signifies that the momentum is still intact. A close above the 8,968 level will restore the momentum on the upside. Traders should retain their long positions as long as the Nifty50 trades above the 8,800 level, say experts.

NIFTY 3-Month

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