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Market Report

Wednesday, 02-Nov-2016


  • The 30-share Sensex index closed 349.39 points, or -1.25 per cent, down at 27,527.22 today, while the 50-share Nifty index settled 112.25 points, or -1.30 per cent, down at 8,514.00 today. BSE Midcap and Smallcap indices underperformed with a drop of nearly -2 per cent each.

  • Benchmark equity indices tanked over a percentage point today as rising uncertainty over the outcome of the forthcoming US presidential election and the FED policy spooked investors sentiment across markets. Investors believe that the volatility will rise until the expectation on US election result is really factored in. The FED is likely to maintain the key rates but market is focusing on any signs of rate hike trajectory.

  • The Nifty50 failed to hold on to its crucial support levels at 8,600 and 8,550, as selling pressure gripped the market today after a gap-down start to trade. In the process, the Nifty50 formed a 'Bearish Candle' on the daily candlestick chart. This candle showed that the bears kept the selling pressure throughout the session. The index broke below two major crucial support levels at 8,600 and 8,550. Traders are advised not to create any long positions on declines and square off existing positions instead. Now, the 8,500 level holds the key for the index on Thursday. A break below this level can well start a fresh leg of downside for the index, experts said.

NIFTY 3-Month

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