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Market Report

Monday, 05-June-2017

NSE

  • Both the Sensex and the Nifty hit record highs in intraday trade and also on a closing basis. The S&P BSE Sensex settled at the new high of 31,309.49 today, up 36.20 points, or +0.12 per cent, while the broader Nifty50 ended at fresh peak of 9,675.10 today, up 21.60 points, or +0.22 per cent. S&P BSE Smallcap index outperformed the frontline indices, rising +0.6% while S&P BSE Midcaps ended flat for the day.

  • Both the Nifty and the Sensex have been on a record-breaking spree in the recent weeks. During the day, the 30-share Sensex rose as much as 48 points to reach its new intraday peak of 31,355.42, while the 50-share Nifty rallied 42 points to hit its fresh high of 9,687.20 in intraday, shrugging off tense global cues including isolation of Qatar by gulf nations like Saudi Arabia, Bahrain and Egypt, terrorist attack in London and slow US jobs growth. Both indices hit their previous highs in the last trading session on June 2.

  • Benchmark indices settled the day on record high for second consecutive session as services sector (PMI) growth rising at fastest pace in 4 months in May lifted the sentiment. The gains were, however, capped as investors remained cautious ahead of the Reserve Bank of India's policy meeting, which begins tomorrow. Economists ruled out a rate cut by the central bank even as growth numbers slowed down and inflation surprised most on the downside.

  • The Nifty50 on Monday settled at a record closing high and formed a 'small bullish' candle on the daily chart, with analysts suggesting that the shifting of base was a sign of optimism. However, the index was ruling in the overbought territory, as suggested by the relative strength index index or RSI. The index has the potential to hit the 9,750 level in the immediate term, as long as a support around the 9,630 mark stays intact, analysts said. Downside supports are seen at 9,580 and 9,550 levels. We expect the market to kick in a corrective and consolidation process over the next few sessions, if not with immediate effect.

NIFTY 3-Month

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