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Market Report

Tuesday, 30-May-2017

NSE

  • Ending at fresh high for the fourth consecutive session, S&P BSE Sensex settled at 31,159.40 today, up 50.12 points, or +0.16 per cent, while the broader Nifty50 closed at record high for third straight session. It ended at 9,624.55 today, up 19.65 points, or +0.20 per cent. In the broader market, the S&P BSE Midcap gained +0.8 per cent, while the S&P BSE Smallcap continued to trade flat, up only +0.5 per cent.

  • Markets settled the day on fresh highs with Nifty50 settling above the 9,600 mark for the second consecutive session as arrival of monsoon rains raised cheers but the gains were capped as the investors booked profit in recent outperformers. The monsoon arrived at the southern Kerala coast today, in line with forecasts, brightening the outlook for higher farm output and robust economic growth. Although the market was in a consolidation mode for major part of the session, optimism over GST implementation kept investor sentiment upbeat.

  • Continuing with its winning streak for the fourth straight session, the Nifty50 made a small bull pattern on the daily chart today. Even as the index formed a higher low, it failed to breach the all-time high of 9,637 level hit on Monday. Also the advance-decline ratio was poor, making analysts suggest that the index might have entered a consolidation mode. The 9,700 level on the index still looks possible in the short term, they said, as long as it has the immediate support at 9,600 level remains intact. The 9,580-9,550 range is likely to act as additional support.

NIFTY 3-Month

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