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Market Report

Wednesday, 26-Apr-2017


  • The 30-share BSE Sensex closed 190.11 points, or +0.63 per cent, up at 30,133.35 today, while the 51-share NSE Nifty closed 45.25 points, or +0.49 per cent, higher at 9,351.85 today. Both indexes opened at life time highs, but profit taking in latter half marginally trimmed the gains and pushed the market breadth also slightly on the negative side.

  • The stock market created history today as the benchmark indices hit their lifetime highs owing to positive domestic and global cues. The BSE Sensex closed above the 30,000 level for the time ever. Both indexes created all-time intraday and closing highs, surpassing the March 4, 2015 record. The combined market capitalisation of all the BSE-listed company soared to Rs 125 lakh crore. Market experts said factors such as strong FPI inflows, an appreciating rupee, sustained buying by retail investors, encouraging earnings and positive Asian cues contributed to the stellar show of the bourses.

  • The 50-pack Nifty index opened on a strong note and then kept surging until it hit the day's high of 9,367. However, it saw selling pressure thereafter and at one point it even slipped into the negative terrain, wiping all gains. With this, the index has moved heavily into the overbought territory and formed a 'Hanging Man' pattern on the daily chart which points towards top formation. Technical analysts believe the index might be very close to its top and a corrective consolidation should not surprise anyone. The Nifty is now trading in uncharted territory and holding above the 9,300 level can extend its rally towards 9,400-9,420 zone, while on the downside supports are seen at 9,280 and 9,218 levels.

NIFTY 3-Month

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