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Market Report

Tuesday, 16-May-2017


  • The S&P BSE Sensex today zoomed 260.48 points, or +0.86 per cent, to settle the day at its fresh lifetime closing high of 30,582.60. The 30-share index, which opened at 30,391.48 against previous close of 30,322.12, witnessed an intraday swing of 228 points. The broader Nifty50 index of National Stock Exchange too touched its lifetime closing high of 9,512.25 today. It rallied 66.85 points, or +0.71 per cent, with 36 constituents ending in the green. Last time, both the indices had hit their record highs on May 11.

  • Benchmark indices scaled fresh highs in the afternoon trade for the third time in five sessions as investors continued to remain bullish about the prospects of a good monsoon after reports that rains are expected to arrive on the southern Kerala coast on May 30, two days ahead of the schedule. Sentiment was also lifted by Asian stocks as they hit fresh-two year high today on the back of an overnight rise in Wall Street, while oil extended gains after major producers Saudi Arabia and Russia pledged to push for an extension of supply cuts into 2018.

  • Dalal Street continued the party today, with NSE barometer Nifty50 scaling a new peak, topping the psychological 9,500 mark. In the process, the index formed a strong bullish candle on the daily chart like a Bullish Mat Hold pattern. It now looks poised to hit the next resistances at 9,550-9,610 levels in a couple of sessions, as analysts noted that declines have been bought into and technical charts are hinting at a fresh breakout. Now it has to hold above the 9,450 zone to extend its up move towards 9,550 and 9,610 zones while on the downside, immediate supports are seen at 9,420 then 9,380.

NIFTY 3-Month

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