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Market Report

Thursday, 02-Feb-2017

NSE

  • The Nifty50 index extended the post-Budget rally to the second session today and closed 17.85 points, or +0.20 per cent, higher at 8,734.25 today. A bout of buying in the second half amid choppy trade pushed the benchmark indices higher. The 30-share BSE Sensex closed 84.97 points, or +0.30 per cent, up at 28,226.61 today. The BSE Smallcap index outperformed the midcap and largecap indices today.

  • Benchmark indices closed marginally higher today as investors take a breather after an euphoric response to the Union Budget which helped markets gain nearly 2% in yesterday's session. The Street also awaits RBI policy due next week. Meanwhile, cautious sentiment ahead of European Central Bank and Bank of England policy meet capped the gains.

  • The Nifty50 failed to see any follow-up buying today after yesterday's big rally and ended up only marginally higher. In the process, the index formed a 'Spinning Top' pattern on the daily chart, suggesting indecisiveness among market participants at higher level. The index now needs to get past the 8,750-8,760 range on a sustainable basis for the upward trend to continue. Market analysts believe the overall market trend remains bullish and the index should probably be heading higher after a brief consolidation.

NIFTY 3-Month

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