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Market Report

Friday, 07-Apr-2017

NSE

  • The 30-share BSE Sensex closed 220.73 points, or -0.74 per cent, down at 29,706.61 today, while the 50-share NSE Nifty index settled 63.65 points, or -0.69 per cent, lower at 9,198.30 today. The benchmark equity indices slipped today following subdued Asian markets, as the US order for missile strike against Syria dampened investor sentiment. Back home, expectations of no further rate cuts this year by Reserve Bank of India also impacted the sentiment.

  • The benchmark indices today extended losses to end lower as global markets dipped after the United States launched cruise missiles against Syria, causing equities and the dollar to tank while crude prices saw a sudden jump. On Trump's orders, US warships in the Mediterranean Sea launched 50-60 Tomahawk cruise missiles at the Shayrat air base in Homs governorate, from where Syrian warplanes had carried out the recent chemical attacks, killing innocent people.

  • The Nifty50 today tumbled below the 9,200 level and formed a pattern similar to a 'Shooting Star' on the daily chart, suggesting the positive momentum in the market may have reversed and further correction is on the cards. Today was the first time in eight sessions when the 50-pack index closed below its opening level. While some of the selling can be attributed to weak global cues, some technical indicators too were turning negative as the Nifty has closed below its 5-Day EMA that stood at 9,215. The Nifty50 has decent support in the 9,170-9,120 zone and, to regain strength, the bulls need to push the indices beyond 9,250 on a closing basis. Till then, the threat of short term reversal continues.

NIFTY 3-Month

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