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Market Report

Wednesday, 10-May-2017

NSE

  • The S&P BSE Sensex jumped 315 points to settle above the 30,200 level for the first time in its history by ending at 30,248.17 today, up 314.92 points, or +1.05 per cent. On April 26, the index closed above the 30,000 level for the time ever. The 30-share index, which opened at 29,988 against the previous close of 29,933, hit an intraday high and low of 30,271 and 29,987, respectively. On similar lines, the broader Nifty50 of the NSE soared 90.45 points, or +0.97 per cent, to close above the 9,400 level for the first time ever, at 9,407.30 with 33 constituents ending in the green.

  • Today, the benchmark indices hit new milestone, getting past their record closing high levels they had touched just two weeks back. Riding high on the Indian Meteorological Department's (IMD's) projection of a normal monsoon and 100 per cent rainfall this year instead of a 96 per cent rainfall projected earlier, the bulls swung back into action and lifted the indices to new peaks with prospects of higher agricultural and economic growth. Sentiment was also lifted by Asian stocks, which edged higher for a third consecutive day.

  • The Nifty50 scaled a record high today and closed above the 9,400 level for the first time ever. The index formed a Bull Candle and breached a key resistance at 9,370-80 which, analysts said, opened up room for further upside in the days to come. The index gave a consolidation breakout from its trading range of 9,270-9,380 zone. It closed above its crucial hurdle at 9,380. Now holding above 9,380 could help it start the next move towards 9,450 and 9,500 levels while on the downside supports shifted higher to 9,350 and 9,320 level, say experts.

NIFTY 3-Month

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