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Market Report

Thursday, 01-June-2017

NSE

  • Equity benchmarks BSE Sensex and NSE Nifty closed on a flat note today following disappointing GDP numbers for the March quarter and lack of fresh positive triggers. The BSE Sensex closed 8.21 points, or -0.03 per cent, down at 31,137.59 today, while NSE's Nifty index settled 5.15 points, or -0.05 per cent, down at 9,616.10 today. Overall, trading remained lacklustre as movement of the key indices was restricted to a small trading range around the flat line throughout the day.

  • Markets ended the day flat after a day of choppy trade with Nifty50 hovering around the 9,600- mark as investors stayed on edge after May factory output and Q4 GDP growth entered the slow lane. The factory output growth in the country fell in May, after rising for three straight months, due to softer demand and slower export. The Nikkei Manufacturing Purchasing Managers' Index (PMI) fell to 51.6 in May from April's 52.5. India's gross domestic product (GDP) growth fell to 6.1% in the March-quarter primarily as demonetisation adversely affected economic activity. In FY17, economic growth was at a three-year low of 7.1%. The previous year, it was 8%.

  • The Nifty50 got stalled for the fifth consecutive day in a trading range of half a per cent with 9,640 being the upper resistance and 9,590 the support. Despite a dent in the GDP number, it is a positive sign that the market held on to lower levels and Nifty did not slip below 9,600. Until and unless this range is breached, we cannot expect a big move, either up or down. If it sustains below 9,580, profit booking could take it towards 9,550 and 9,532 levels. On the upside, the index would need to surpass the 9,635 and 9,650 levels to extend the bounce towards 9,700, say experts.

NIFTY 3-Month

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