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Market Report

Monday, 15-May-2017

NSE

  • The 30-share Sensex closed 133.97 points, or +0.44 per cent, higher at 30,322.12 today, while the 50-share NSE Nifty index settled 44.50 points, or +0.47 per cent, higher up to close at 9,445.40 today with 32 constituents ending in the green.

  • The benchmark indices settled at fresh record closing highs today after investors reacted positively to macroeconomic data released with changes in new base-year series for WPI inflation and IIP, while a sharp fall in retail inflation to 2.99% in April extended a debate on whether the RBI should cut interest rates in its next policy meet on June 6-7.

  • Hopes for easing inflation got a further boost after the India Meteorological Department said on Sunday monsoon that rains had reached the country's Andaman and Nicobar islands ahead of schedule. The domestic currency also rose on expectations that the ongoing earnings season will bring additional foreign portfolio inflows into the Indian markets.

  • The Nifty50 index opened in the positive and headed towards its lifetime high of the 9,450 mark today. However, it traded in a narrow range of 20 points, and hit a record closing high. In the process, it formed a bullish pattern on the daily charts. The index faced resistance around the 9,450 level and failed to hit its all-time high, but analysts feel if the index were to sustain above 9,400 level on a closing basis, it can soon take out the 9,500 and 9,550 levels by the expiry of May series futures and options contracts. A strong resistance is seen around the 9,370 level.

NIFTY 3-Month

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