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Market Report

Wednesday, 01-Feb-2017

NSE

  • The S&P BSE Sensex surged 485.68 points, or +1.76 per cent, to close at 28,141.64 today, while the Nifty50 gained 155.10 points, or +1.81 per cent, to end the day at 8,716.40 today. The Nifty50 reclaimed its crucial psychological level of 8,700 for the first time since October 24, 2016, while S&P BSE Sensex ended comfortably above its key 28,000 level.

  • The domestic equity market rallied following the Union Budget today after Union Finance Minister Arun Jaitley maintained fiscal prudence, while leaving the long-term capital gains tax (LTCG) and Short Term Tax rate (STCG) untouched. Jaitley also did not tinker with the secutities transaction tax. Jaitley tweaked the domestic transfer pricing rules and exempted some FPIs from indirect transfer provision. He also further clarified the GAAR rules.

  • As the Union Budget unfolded today, the Nifty50 saw its biggest Budget-day gains since 2005 to settle above 8,700 for the first time since October 24, 2016. With this, the index zipped past all short-term resistance levels to form a 'Bullish engulfing' pattern on the daily chart. The 14-day relative strength index or RSI has inched up towards the overbought territory and experts believe the 50-pack index may need to take out the 8,730 level on a sustainable basis, before extending the rally to the 8,800 level.

NIFTY 3-Month

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