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Market Report

Tuesday, 14-Mar-2017

NSE

  • The BJP's strong show in the state elections had a positive effect on Dalal Street, with the Nifty50 hitting a record high of 9,122.75, breaking its March 2015 record of 9,119, and the Sensex rallying about 600 points, before closing +1.71 per cent, or 496.40 points, higher at 29,442.63 today. Today's gains lifted Nifty50 above 9,000 for the first time on a closing basis. The index ended up 152.45 points, or +1.71 per cent higher at 9,087.00 today. In the broader market, The BSE Mid-Cap and BSE Smallcap indices underperformed the frontline indices by rising 1.4% and 1.2%, respectively.

  • The benchmark Nifty50 index today closed above its crucial 9050-mark for the first time ever as investors saw Prime Minister Narendra Modi's landslide victory in the Uttar Pradesh as an indication of him winning a second term in office in Lok Sabha elections 2019. In intraday trade, the Nifty50 rose as much as +2% to hit its record high of 9,122 points surpassing its previous peak of 9,119 hit on March 4, 2015. The S&P BSE Sensex, meanwhile, gained 615 points to 29562 during the day, 463 points shy of its lifetime high of 30,025-mark.

  • The Nifty50 index opened with a huge gap up of more than 150 points today and registered a record lifetime high of 9,122. It saw the range breakout after consolidating for 13 sessions and formed a Doji candle on the daily chart even as it closed near the opening level. This suggests market participants were still indecisive at higher levels. Overall, the index has been forming higher tops and higher bottoms on the weekly charts and supports are shifting higher. Now the immediate positive trend may remain intact as long as the Nifty50 holds above the psychologically important 9,000 mark. On the upside, the index faces resistance at 9,119 and then 9,250 levels.

NIFTY 3-Month

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