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Market Report

Tuesday, 04-Oct-2016

NSE

  • The BSE Sensex opened at 28,377 against the previous close of 28,243. The index hit an intraday high of 28,404 and a low of 28,242, before ending the day at 28,334.55 today, up 91.26 points, or +0.32 per cent. The NSE Nifty50 reclaimed the 8,750 level to eventually end the day at 8,769.15 today, up 31.05 points, or +0.36 per cent. There was no dearth of stocks which saw a lot of action all through the day.

  • A bold move by the Reserve Bank of India (RBI) to cut policy rate by 25 basis points to 6.25 per cent in its fourth bimonthly policy review gave a major lift to the domestic equity market but it wasn't enough to trigger a rally in the stock market today.

  • The Nifty50 managed to stage a smart bounceback after the Reserve Bank of India (RBI) slashed repo rate by 25 bps on expected lines and maintained a dovish stance. However, the index closed near its opening level, thus forming a Doji cross kind of pattern on the daily candlestick charts. As per theory, 'Doji' chart patterns are commonly seen in periods of consolidation and can help analysts identify potential price breakouts or even a breakdown. Although a Doji is a neutral chart pattern and often signals indecisiveness among the bulls as well as the bears, it could be precursor to the corrective or consolidation phase over the next couple of sessions unless the Nifty50 decisively closes above the 8,800 level, experts said.

NIFTY 3-Month

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