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Market Report

Wednesday, 14-Sept-2016

NSE

  • The S&P BSE Sensex, which opened at 28,345 against the previous day's close of 28,353, hit an intraday high of 28,416 and a low of 28,259, before closing at 28,372.23 with a gain of just 18.69 points, or +0.07 per cent. The broader Nifty50 index of the National Stock Exchange (NSE) ended flat at 8,726.60, up 11.00 points, or +0.13 per cent, from its previous close.

  • Domestic equity markets closed flat today in the wake of weak trading in the US markets in overnight trade and a slump in Asian markets even as banking stocks saw a bounce in the hope of a rate cut following improvement in inflation data and poor factory output. Sentiment improved after crude oil prices recovered to $45 a barrel after falling about 3 per cent in overnight trade on a warnings by IEA of weak demand in Asia.

  • Data showing weakening of industrial activity in India and across Japan and the euro zone was as worrisome as the ever-changing tone of US policymakers on a possible rate hike by the US Fed. Adding to existing woes was the latest figures showing that wholesale price inflation hit a two-year high of 3.74 per cent in August. However, the domestic market decided to take it easy.

  • The Nifty50 today closed the volatile session marginally in the green, but above the crucial support level of 8,700. The index formed a 'Spinning Top' kind of pattern for the second day in a row, which indicated indecisiveness among the bulls as well as the bears. The fact that the index managed to close above the 8,700 mark on a closing basis gives confidence that the bulls would be able to make a comeback. But as long as the index trades below the 8,867 level, traders can use rallies to go short on the index, experts said.

NIFTY 3-Month

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