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Market Report

Thursday, 04-May-2017

NSE

  • The domestic equity market ended higher today amid buying on select banking and FMCG counters. The BSE Sensex closed 231.41 points, or +0.77 per cent, higher at 30,126.21 today, while the Nifty index of NSE settled 47.95 points, or +0.51 per cent, up at 9,359.90 today. With this, the Nifty50 closed at a fresh lifetime high with 26 constituents ending in the green. As many as 126 stocks hit fresh 52-week high on the NSE.

  • The domestic equity market witnessed a robust uptrend through the day, with banking stocks giving a major push to the rally after the Union Cabinet, on Wednesday, cleared a nonperforming asset (NPA) resolution package for the banking system, that includes an ordinance to empower the RBI to deal with bad assets more effectively and tackle surging bad bank loans.

  • The Nifty50 made a strong rally today, but stopped just 2 points short of its all-time high of 9,367. In the process, the index formed a 'Dragon Fly Doji' pattern on the daily chart, which suggests that the forces of demand and supply were balancing with each other. The formation of this candle pattern is generally seen as a potential turning point. The index managed to surpass the immediate hurdle at 9,350. Now a decisive hold above the 9,350-9,380 zone would attract fresh buying interest to take the index to the 9,450-9,500 zone. On the downside, the index has multiple support at 9,320-9,280 zone.

NIFTY 3-Month

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