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Market Report

Monday, 03-Apr-2017

NSE

  • The BSE benchmark today climbed nearly 300 points to hit a record closing high of 29,910.22 today, up 289.72 points, or +0.98 per cent. The index broke its previous closing high of 29,681 and is now close to the psychologically important 30,000 mark. NSE barometer Nifty50, on the other hand, hit a record intraday high of 9,245.35 before closing the day 64.10 points, or +0.70 per cent, higher at a closing high of 9,237.85 on the first session of a new financial year today.

  • Riding on good PMI numbers and strong rupee, both indices ended the day at their respective record closing highs. The manufacturing sector expanded at the fastest pace in five months in March with Nikkei Manufacturing PMI at 52.5 in March, as compared to 50.7 in February. Finance Minister pegging India's GDP growth at 7.7% in 2018 and hopes of timely implementation of GST also aided the sentiment.

  • The Nifty50 today hit a fresh record high and closed above the 9,200 level for the first time ever. But with the lower wick nearly twice as long as the body and no upper wick, the index has formed a pattern similar to the 'Hanging Man' formation on the daily chart. However, today was the fifth consecutive session when the Nifty50 made a green real body and the risk-reward ratio still favoured the bulls. Some analysts are cautiously optimistic, as they expect the trend to reverse anytime soon. Now, if the Nifty holds above 9,191, it can extend the upward move towards 9,280 and 9,350 levels, while on the downside, multiple supports are seen in the 9,150-9,133 zone, say experts.

NIFTY 3-Month

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