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Market Report

Monday, 17-Oct-2016

NSE

  • The BSE index ended lower by 143.63 points, or -0.52 per cent, at 27,529.97 today, its lowest close since July 8. The gauge had edged up 30 points in the last session on Friday. The NSE Nifty closed lower by 63.00 points, or -0.73 per cent, at 8,520.40 today. Intra-day, it shuttled between 8,615.40 and 8,506.15. As many as 24 stocks in the Sensex group fell and only six rose.

  • Stocks saw a positive start today, only to reverse the trend later as the Sensex fell to end at an over 3-month low, unnerved by muted start to second quarterly earnings and a lacklustre global trend. US Fed chief Janet Yellen's commentary on the US economy last Friday, indicating the need for aggressive steps to reboot it also affected sentiments. The effect was immediate as indices globally started turning weak.

  • Sustained selling by FIIs seen all through last week look to have hurt our markets, sparking long liquidation. Foreign portfolio investors (FPIs) sold shares worth a net Rs 946.42 crore on Friday, and sold another Rs 456.64 crore today, showed provisional data.

  • The Nifty50 witnessed strong selling pressure in the second half of the trading session today, but managed to close above the psychological support level at 8,500. In the process, the index formed a 'Large Bear Candle' or 'Long Black Day' on the daily candlestick charts. The selling pressure intensified as technical stop losses got triggered when the Nifty50 moved below the 8,540 level. Now, a break below the psychological level of 8,500 can trigger further correction in the market. Traders should avoid creating long positions as of now, say experts.

NIFTY 3-Month

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