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Market Report

Wednesday, 16-Nov-2016


  • The benchmark Sensex, which opened at 26,508 against the previous day's close of 26,304, hit an intraday high of 26,621 and a low of 26,239 before closing 5.69 points, or -0.02 per cent, lower at 26,298.69 today. On the other hand, the broader Nifty50 index of the National Stock Exchange ended the day at 8,111.60, up 3.15 points, or +0.04 per cent up. The market, therefore, closed very flat today with one index in the red while the other is in the green.

  • After rallying as much as 350 points today by the Sensex, the domestic equity benchmarks ended flat after media reports said the Union Cabinet was mulling a complete ban on FDI in tobacco companies. Reacting to the news, the headline index fell but rebounded at the closing bell as the winter session of Parliament kicked off. Demonetisation and a spike in US bond yields also continued to weigh on markets.

  • The Nifty50 moved in a volatile range throughout the trading day today and closed marginally above its previous close of 8,108. In the process, the index formed a bullish candle on the daily candlestick charts. The index briefly moved in a range for most part of the day. The only positive takeaway from today's session was the fact that the bulls managed to push the index higher after falling below the 8,100 level in intraday trade. However, the bulls managed to regain some control over Dalal Street in the last 30 minutes of trade. If the Nifty50 manages to surpass 8,200 on a closing basis, some more upside cannot be ruled out. But a close below 8,000 will trigger further profit taking, say experts.

NIFTY 3-Month

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