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Market Report

Tuesday, 01-Nov-2016

NSE

  • Benchmark indexes closed flat today - so flat that one index closed in the red while the other closed green. The BSE Sensex ended in the red today as selling pressure persisted in FMCG, healthcare, IT, banking, capital goods and consumer durables stocks. The 30-share index closed 53.60 points, or -0.19 per cent, lower at 27,876.61 today, while the Nifty50 settled with a gain of only 0.55 points, or +0.01 per cent, at 8,626.25 today.

  • The Nifty moved in a range for most part of the day. The only positive takeaway from today's session was that the bulls managed to push the index higher after it fell over 50 points from an intraday high of 8,669.60 at one point. However, the downside was limited due to buying among metal shares and favourable core sector growth in October. Further, investors have turned cautious ahead of Federal Open Market Committee (FOMC)'s two-day meet on monetary policy which will conclude tomorrow.

  • The Nifty50 closed slightly above its previous close of 8,669.60 but below its opening level of 8,653.15 today, forming a 'short bullish' candle on the daily candlestick charts. The market failed to stay above its crucial resistance level of 8,650, as selling pressure emerged. Now, a close above the 8,700 level could lead to a breakout, while a breach below 8,600-8,550 could lead to further selling pressure, experts said.

  • Weak global markets and mixed set of second quarterly numbers impacted market mood, said Vinod Nair of Geojit BNP Paribas. In spite of strong PMI numbers in the domestic and Chinese economies the markets did not cheer. This consolidation mode is likely to continue till the US Presidential election and FOMC meet which starts today, he added.

NIFTY 3-Month

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