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Market Report

Wednesday, 07-Dec-2016

NSE

  • The BSE Sensex settled 155.89 points, or -0.59 per cent, down for the day at 26,236.87 today, while NSE's Nifty50 index slid 41.10 points, or -0.50 per cent, to close the day at 8,102.05 today.

  • Benchmark indices ended lower after the RBI unanimously decided to keep the policy rate unchanged at 6.25%, which was much against the street and analysts' expectations. Analysts on Dalal Street were expecting a minimum of 25 basis points repo rate cut. However, the Monetary Policy Committee of the Reserve Bank of India voted 6-0 in favour of keeping the repo rate unchanged at 6.25 per cent.

  • A sharp fall in the Nifty50 today made all the hard work of the bulls in the past few sessions go in vain, as they capitulated after the RBI decision to keep the short-term lending rate unchanged at 6 per cent. In the process, the Nifty50 formed a 'Large Bear' candlestick pattern on the daily candlestick charts. A Large Bear candle is a continuation pattern. Analysts said the 8,055 level would now act as a strong support for the index, and any fall below this level can trigger a deep correction in the index.

NIFTY 3-Month

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