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Market Report

Monday, 12-June-2017

NSE

  • The S&P BSE Sensex tanked 166.36 points, or -0.53 per cent, to end the session at 31,095.70 today. The 30-share pack opened the day at 31,225 against the previous close of 31,262 and hit a high and low of 31,225 and 31,044 respectively. The Nifty50 index of the NSE closed 51.85 points, or -0.54 per cent, down at 9,616.40 today, with 38 constituents ending in the red.

  • Benchmark indices settled the day lower after trading under pressure throughout the day as investors booked profit ahead of inflation data due today and the US Federal Reserve policy meeting later this week. Negative global sentiment due to tech sell off in US markets also dragged the markets. Inflation in India is expected to have cooled to a new record low of 2.60% in May, according to a Reuters poll, which could add pressure on the RBI to cut interest rates later in the year.

  • The Nifty50 today closed at its lowest level in 10 sessions. In the process, the index made a real body with no upper wick, giving rise to a candle formation similar to the 'Bearish Belt Hold' pattern on the daily chart. This, along with the fact that the MACD has now breached the signal line, suggests that a pronounced weakness in the index cannot be ruled out, said analysts. Now, as it has slipped below 9,620, the index may get dragged towards 9,580 and 9,550 levels. However, this week is full of events like release of IIP, CPI, WPI numbers and the FOMC meeting. So traders would keenly watch the same for any trigger.

NIFTY 3-Month

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