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Market Report

Wednesday, 31-May-2017

NSE

  • Domestic equity benchmarks snapped a four-day winning streak today amid selling pressure on select pharma and oil and gas counters. The BSE Sensex closed 13.60 points, or -0.04 per cent, down at 31,145.80 today, while the Nifty index settled 3.30 points, or -0.03 per cent, down at 9,621.25 today. Markets settled almost flat for the third consecutive session, in the absence of any fresh trigger.

  • Bringing a halt to the record-breaking run on Dalal Street, the domestic equity market ended flat today after hitting record highs in intraday trade ahead of the gross domestic product (GDP) data for the March quarter due later in the day. The GDP growth is expected to come in at 7.1% for the January-March quarter, according to economists polled by Reuters. Any major difference from this level can influence the market tomorrow,

  • After fluctuating between gains and losses throughout the day, the Nifty50 opened higher but lost momentum soon after. It formed a small bearish candle, which resembled a 'Spinning Top' in the daily chart. Price action of last five sessions clearly suggests that the Nifty50 was losing momentum, as the daily trading range is progressively becoming narrower, which may be signalling that a correction is around the corner. But the index continued the trend of forming higher lows for another session. This has failed to signal any trend reversal and the major trend may remain intact as long as the Nifty50 holds above the previous swing high of 9,532, say experts.

NIFTY 3-Month

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