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Market Report

Thursday, 15-June-2017


  • The S&P BSE Sensex shed 80.18 points, or -0.26 per cent, to close at 31,075.73 today on heavy selling in IT, oil & gas and auto stocks. The Nifty50 index started the day at 9,617.90 and touched a high and low of 9,621.40 and 9,560.80, respectively, before closing the day 40.10 points, or -0.42 per cent, down at 9,578.05 today.

  • Weak global cues, including a drop in crude oil prices and US Federal Reserve hike in interest rates by 25 basis points on Wednesday, weighed on domestic equity market today. Most Asian peers closed lower. The market traded under pressure the whole day, but the rate hike by the US Fed did not have much impact on stocks as the event was already factored in prices.

  • The Nifty50 index breached below the psychologically important 9,600 mark and closed below the immediate support at the 9,580 level today, forming a black candle on the daily charts. For Friday, we expect more corrective activity in the market. Overall, one needs to watch the 9,575-9,600 zone, not just for Friday but for the next couple of sessions. If the Nifty goes below 9,580, then selling pressure could be seen towards 9,550 and 9,530 levels, while it needs to cross and hold above 9,620 level to witness a bounceback towards multiple hurdles at 9,650 and 9,680 levels.

NIFTY 3-Month

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