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Market Report

Tuesday, 31-Jan-2017


  • The 30-share BSE Sensex closed 193.60 points, or -0.70 per cent, down at 27,655.96 today, while the 50-share NSE Nifty index closed 71.45 points, or -0.83 per cent, down at 8,561.30 today. Over 40 stocks on the NSE hit their fresh 52-week high today despite bearish market trend.

  • The Nifty50 index breached the psychological level of 8,600 today and settled the day lower for the second consecutive session after the Economic Survey noted that the FY17 GDP growth will dip to 6.5% from 7.6% in FY16. Steep fall in IT index also contributed to the losses after Donald Trump government introduced a bill in the US Congress that attempts to reform the H1-B visa process. The bill proposes to more than double the minimum wage for visa holders from $60,000 to $130,000. According to experts, some profit booking ahead of the Union Budget on February 1 also hit market sentiment.

  • Nifty50 slumped nearly -1 per cent today to settle just above its lower end support of 8,560, and made a 'Large Bear' candle on the daily charts, suggesting that a big correction is in the offing. While the event risk, the Union Budget 2017-18, will play largely on market sentiment on Wednesday, select technical parameters have already turned in bears' favour. Brokers said that the immediate trend is giving a pause signal, but medium term trend is still positive. They noted that the Nifty has been forming higher-top-higher-bottom from the last five weeks.

NIFTY 3-Month

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