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Market Report

Friday, 30-June-2017

NSE

  • The BSE Sensex gained 64.09 points, or +0.21 per cent, to end the session at 30,921.61 today. It witnessed a 285-point swing in intraday trade. On similar lines, NSE's Nifty closed 16.80 points, or +0.18 per cent, higher at 9,520.90 today with 24 constituents ending in the green and 26 in the red.

  • The domestic equity indices opened in the red and turned jittery today, hitting a monthly low, but managed to end on a positive note ahead of the rollout of the historic tax reform, GST. On a weekly basis, the index continued its decline for the third consecutive week and formed a small bearish candle on the monthly chart, similar to a Spinning Top. It saw a negative close on a monthly basis, first monthly loss this year, after five successive months of gain from January through May.

  • The revised tax structure GST will kick in from midnight, marking India's biggest tax reform since independence, unifying its $2 trillion economy and 1.3 billion people into a common market, eliminating a multitude of taxes and replacing them with one throughout the country.

  • The Nifty50 index opened in the negative, but managed to hold above the 9,450 level and recovered around 85 points from the day's low to eventually close above the psychological mark of 9,500. In the process, the index formed a Bullish Hammer candle on the daily chart, but it needs to surpass the 9,560-9,580 zone to again get into the comfort zone and extend its recent bounceback. On the downside, if it slips below 9,480, it may again attract selling pressure towards 9,450 and 9,420 levels, but if it holds above the 9,560-9,580 zone, it could lead to a fresh spike towards the 9,650 level.

NIFTY 3-Month

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