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Market Report

Thursday, 16-Feb-2017

NSE

  • Firm Asian cues drove market sentiment on Dalal Street today, lifting the 30-share BSE Sensex 145.71 points, or +0.52 per cent, to 28,301.27, while the NSE Nifty index rose 53.30 points, or +0.61 per cent, to 8,778.00 today. In the Nifty 50 pack, 37 stocks ended the day in the green, while 14 stocks settled in the red.

  • Benchmark indices settled the day higher, with Sensex closing above 28,300 led by IT and pharma stocks. IT stocks ralled after TCS said its board would consider a share buyback plan at a meeting next week. The buyback, if approved in the board meeting, would be the company's first since its listing in 2004. Asian markets surging to one-and-a-half year highs thanks to an extended rally on Wall Street and strong US data, also contributed to the gains.

  • After falling below key support area in the previous session, the Nifty50 today rebounded and closed above its opening level after failing to do so for the seventh consecutive session in a row. The index settled exactly at its five-day simple moving average of 8,778 and formed a pattern similar to a 'Bullish Harami' formation, suggesting that the bearish trend may reverse and it may be good time to add long positions. The index will now see the immediate resistance at around 8,820, while support may come around the 8,700 level. Experts recommend traders to maintain a positive bias.

NIFTY 3-Month

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