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Market Report

Friday, 02-June-2017

NSE

  • Domestic equity indices BSE Sensex and NSE Nifty closed the week on a fresh record high. The BSE Sensex settled 135.70 points, or +0.44 per cent, up at 31,273.29 today, while NSE Nifty index closed 37.40 points, or +0.39 per cent, up at 9,653.50 today. Market sentiment remained buoyant throughout the week on hopes of good southwest monsoon rains. Strong overseas cues also lifted investor confidence.The NSE Nifty50 closed above the 9,650 level for the first time ever with 26 constituents ending the session in the green.

  • In intraday trade, the 30-share Sensex gained as much as 195 points to touch a new high of 31,332.56, surpassing the previous milestone of 31,255 hit on May 31, while the broader Nifty50 rose as much as 36 points to reach a fresh high of 9,673.50, scaling last peak of 9,649 hit on May 31. The broader market outperformed with the S&P BSE Midcap and the S&P BSE Smallcap indices adding +0.7% and +0.5%, respectively.

  • Dalal Street witnessed a rangebound session today in which the Nifty50 hit a record high, before closing the session around the same level as on Thursday. In the process, the index formed a small real body on the daily chart exactly like a 'Doji' formation. The chart pattern suggests indecisiveness among market participants at higher levels. On the weekly chart, the index formed a bullish pattern. Analysts said one cannot write off the possibility of further gains on the index. Now, the Nifty has to continue to hold above 9,635 to extend its bounce towards 9,700, while on the downside immediate support is seen at 9,580 to hold the short-term positive trend of the market.

NIFTY 3-Month

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