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Market Report

Thursday, 08-June-2017


  • The S&P BSE Sensex shed 57.92 points, or -0.19 per cent, to end at 31,213.36 today with pharma major Dr Reddy's being the top performer and TCS the worst laggard. The broader Nifty50 index of the NSE ended 16.65 points, or -0.17 per cent, lower at 9,647.25 today, with 23 constituents ending in the green.

  • Benchmark indices ended marginally lower today as the market waited for any surprises from major global events including the UK elections, European Central Bank's policy meet and testimony from ex-FBI director James Comey. Losses were however capped after RBI in its bimonthly policy review yesterday cut its inflation projections and delivered a less hawkish stance. The central bank yesterday kept the repo rate unchanged at 6.25%, in line with Street expectations but reduced the SLR 50 bps to 20, making it easier for the banks to lend.

  • The Nifty50 witnessed a rangebound trading session today, moving in a 50-point range ahead of key global events, including general election in Britain, ECB policy review and Comey's testimony before the US Congress. The index closed the day with a small bearish pattern, but technical charts are speaking something more than that. 'Book profit' was the reading by many experts. Traders should focus on individual stocks and stay light in the market once the Nifty50 approaches the resistance zone between 9,700 and 9,720 levels.

NIFTY 3-Month

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