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Market Report

Monday, 08-May-2017


  • The S&P BSE Sensex gained 67.35 points, or +0.23 per cent, to 29,926.15 with Infosys and ICICI Bank contributing most of the gains. The broader Nifty50 of the National Stock Exchange rallied 28.75 points, or +0.31 per cent, to 9,314.05 with 33 of the constituents ending in the green. The BSE Sensex jumped over 50 points, while the NSE Nifty index reclaimed the psychological level of 9,300.

  • The domestic equity market returned to winning ways today with shares from the recently beaten down sectors such as pharma and realty making decent strides. Market sentiment was boosted by a rise in Asian stocks on investor relief after centrist Emmanuel Macron comfortably won the French presidential election. Broader gains were capped as investors awaited corporate results from major firms like Bharti Airtel and Hero MotoCorp later in the week.

  • After falling over 50 points in the previous trading session, NSE's Nifty50 index reclaimed the psychological level of 9,300 today. In the process, the index formed a 'Bullish Harami' pattern on the daily chart. This implies that the market will continue the corrective tendency for some more time and no runaway rise is likely. Traders need to remain cautious and watch the 9,269 level as a breach of this level can confirm the seven-day-old range breakdown and create short-term pressure on the market with immediate downside targets of 100 odd points, which may be enough to set a short-term panic and drag the indices down towards the 9,000 mark, say experts.

NIFTY 3-Month

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