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Market Report

Wednesday, 09-Nov-2016


  • BSE barometer index Sensex had slipped over 1,600 points in early trade, but made a strong comeback to end the day just 338.61 points, or -1.23 per cent, down at 27,252.53 today The Nifty50 index on NSE closed 111.55 points, or -1.31 per cent, down at 8,432.00 today. During the day, the 50-share index touched an intraday high and low of 8,476 and 8,002, respectively.

  • Domestic equity indices staged a smart rebound today after the surprise victory of Republican Donald Trump in the US presidential election sent the market tumbling in morning trade. Both the indexes, which tanked over 5 per cent in early trade, managed to pare some of the initial losses and closed nearly -1.3 per cent down. Nifty Bank recovered over 7 per cent from the day's low of 18,143 to close at 19,538.

  • Realty stocks witnessed heavy selling today after Prime Minister Narendra Modi announced withdrawal of currency notes of Rs 500 and Rs 1,000 denominations from the system with effect from Tuesday midnight in a move to clamp down on black money and fight terror financing. Analysts said the real estate sector, infamous for being the biggest receiver and hoarder of black money in the domestic economy, is likely to take a big hit from this move.

  • The Nifty50 staged a smart recovery from its crucial support level of 8,000 today, but technical analysts say the index is not out of the woods yet. There is no specific candlestick pattern apart from a large candle, as it was more news driven. Experts are bullish on the market and expects further movement in the benchmark indices. They see valuations at attractive level and believe the Nifty50 can hit 9300-9500 levels by March end. But investors should refrain from creating any long positions as long as the index trades below the 8,480-8,550 levels, experts said.

NIFTY 3-Month

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