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Market Report

Wednesday, 17-May-2017


  • Equity benchmarks Sensex and Nifty pared their initial losses and closed at a new record high today amid fresh buying on metal, auto, banking and FMCG counters. The 30-share Sensex closed 76.17 points, or +0.25 per cent, higher at 30,658.77 today, while Nifty index of NSE settled 13.50 points, or +0.14 per cent, up at 9,525.75 today, amid sustained optimism among investors on better-than-expected March quarter earnings and prospect of good rainfall this monsoon.

  • The benchmark indices ended at record closing highs today for the third straight session thanks to gains in index heavyweights. However, negative trend seen in global markets, amid ongoing political uncertainty in the US, capped the gains. In intraday trade, the 30-share Sensex gained as much as 110 points to hit its fresh record high of 30,692.45, while the 50-share Nifty added 20 points to notch its all-time high of 9,532.60 today.

  • The Nifty50 continued its upward journey and climbing for the fourth session in a row, made a new lifetime high today. In the process, it made a candlestick pattern similar to the 'Hanging Man' on the daily chart, suggesting that the market may be in for some consolidation. The index has been forming higher top and higher bottom and supports are gradually shifting higher. Now, the index has to hold above the 9,480 level to extend the upward move towards 9,550 and 9,600 levels while on the downside, supports are seen at 9,450 and 9,420 levels.

NIFTY 3-Month

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