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Market Report

Tuesday, 06-June-2017

NSE

  • Weakness in global equity markets forced the domestic equity market to snap a two-day gaining streak today. After crossing the 9,700 mark for the first time in early trade, NSE's Nifty settled 37.95 points, or -0.39 per cent, down at 9,637.15 today. The BSE Sensex closed 118.43 points, or -0.38 per cent, down at 31,190.56 today.

  • Benchmark indices were seen taking a breather from a record-hitting spree ahead of RBI interest rate decision tomorrow. Nifty scaled 9,700 for the first time during early-morning deals to hit a high of 9709.30 today. Sensex also followed the suit, hitting new high of 31,430.32 at the opening. The RBI will likely leave interest rates unchanged at it's policy meeting tomorrow, according to analysts, as inflation is running well below forecasts, and the economy has slowed more than expected.

  • The index made a large red real body that engulfed the bars made in the two previous sessions, forming a 'Bearish Engulfing' pattern on the daily chart. The 50-pack index closed near its five-day EMA, which made analysts to take the view that the ongoing rally was losing its legs. The 9,600 level would now be critical to watch, as traders geared up for the outcome of RBI's rate-setting meeting tomorrow. If the market closes below 9,600 after RBI policy, traders should prepare themselves for a bigger correction, say experts.

NIFTY 3-Month

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