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Market Report

Wednesday, 22-Mar-2017


  • The 30-share BSE Sensex settled -1.08 per cent, or 317.77 points, down at 29,167.68 today, while the 50-share NSE Nifty index closed -1.00 per cent, or 91.05 points, lower at 9,030.45 today. The benchmark indices today extended losses for the third straight day and saw its biggest fall of the year as banking and auto stocks dropped, while negative trade in Asian and European markets on concerns over US President Donald Trump's economic growth agenda also contributed to the losses.

  • On Tuesday, Wall Street fell sharply with the S&P500 and Dow Jones Industrial Average losing over -1 per cent each amid doubts over the much-awaited tax reforms from the Donald Trump administration. Tracking their US peers, Asian stocks ended lower today, as doubts over Trump's economic growth agenda prompted investors to dump risky assets in search of safe havens such as government bonds, said a Reuters report.

  • The BSE Sensex today tumbled over 300 points, while the NSE barometer Nifty50 lost the immediate support of 9,050 in a global selloff. At close, the Nifty50 made a pattern similar to the 'Inverted Hammer' on the daily chart. The index also fell below its five-day and 10-day EMAs in a single session. Now if the Nifty50 manages to cross and hold above the 9,075 mark, only then may we see a move towards 9,119 and then 9,160 levels. On the downside, supports are seen at the 15-day EMA at 9,021 and then at 8,980 and 8,920 levels.

NIFTY 3-Month

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