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Market Report

Tuesday, 28-Feb-2017


  • The 30-share BSE Sensex closed 69.56 points, or -0.24 per cent, down at 28,743.32 today, while the 51-share Nifty50 shed 17.10 points, or -0.19 per cent, to end at 8,879.60 today. Overall, market breadth on D-Street stood in favour of bears with 31 stocks in the Nifty index ended in green, while 20 stocks closed in red.

  • Benchmark indices ended the day marginally lower, snapping a six-day winning streak in the previous session as investors stayed cautious ahead of key economic growth and fiscal deficit data due later in the day. The Street will closely watch the gross domestic product (GDP) data to see if demand wilted following Prime Minister Narendra Modi's surprise demonetisation decision. Markets were also waiting with interest, Donald Trump's address to joint session of Congress tonight, which might throw light on plans on tax reform and infrastructure spending.

  • Today was the fourth session in succession when the Nifty50 failed to close above its opening level. The index remained rangebound with a negative bias all through the session and, at close, formed a 'Small Bearish' pattern, signalling continued indecisiveness ahead of GDP data and US President Donald Trump's policy address to the US Congress. The 50-pack index now faces its 10-day exponential moving average at 8,861. On the upside, the 8,920 and 8,982 levels are likely to act as an immediate barrier, say experts.

NIFTY 3-Month

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