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Market Report

Thursday, 17-Nov-2016

NSE

  • The benchmark BSE Sensex shed 71.07 points, or -0.27 per cent, to close at 26,227.62 today. The headline index, which opened at 26,304 against the previous close of 26,298, hit an intraday high of 26,449 and a low of 26,155 during the session. The broader Nifty50 of the National Stock Exchange also closed in the red. The index settled at 8,079.95 today, down 31.65 points, or -0.39 per cent.

  • Benchmark share indices ended marginally lower, amid a volatile trading session, as investors booked profits on concerns that near term growth would be impacted by demonetisation. Mixed global cues and caution ahead of US Fed Chair Janet Yellen's speech at the Congressional testimony also weighed on the market.

  • The BSE Sensex has fallen 1,300-odd points, or -4.85 per cent, ever since Prime Minister Narendra Modi announced demonetisation of high-value currency notes on November 8. With Dalal Street investors losing out Rs 6.6 lakh crore in just five sessions till Wednesday, many experts now believe the benchmark indices are close to forming a bottom, and one should look for buying opportunities as chances of a sharp 10-15 per cent plunge from here on looks unlikely.

  • The Nifty50 broke the crucial support of 8,100 today and formed a 'Short Black' candlestick pattern on the daily charts. Analysts said while the candlestick pattern in isolation does not show the magnitude of bearishness, considering that the index closed below the 200-day SMA for yet another day, any move below the 8,000 level may result in a free fall all the way to the 7,850 level. However, if the index can sustain above the 8,070 mark, there could be a temporary pullback, analysts said.

NIFTY 3-Month

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