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Market Report

Thursday, 06-July-2017

NSE

  • The S&P BSE Sensex ended at new closing high of 31,369.34 today, up 123.78 points, or +0.40 per cent, surpassing previous closing peak of 31,311.57, hit on June 19. Meanwhile, the broader Nifty50 ended 36.95 points, or +0.38 per cent, higher at 9,674.55 today, with 28 components ending in the green and 23 in the red. The Nifty closed only 0.55 point below its previous all-time closing high of 9,675.10 hit on June 5.

  • Benchmark indices climbed off day's high in the last leg of trade but still settled higher with Sensex closing at record high and Nifty settling above 9,650 on the back of strong recovery in PSU banks. Hopes of positive quarterly earnings and -free roll-out of GST also lifted sentiment. On the contrary, most Asian stock markets fell today after minutes from the US Federal Reserve's last meeting showed a lack of consensus on the future pace of US interest rate increases, while oil prices inched higher following a steep decline a day earlier.

  • After reclaiming the crucial psychological level of 9,700 in intraday, the 50-share NSE Nifty50 today shed 26 points in the last hour of trade, hit by a selloff from the top of the resistance at 9,700. It still managed to register its second highest daily close of 9,674. The daily technical charts did not reflect any specific pattern. The index failed to surpass its multiple hurdle at the 9,700 level and a decisive hold above the triple tops hurdle at 9,700 mark can now kick off the next leg of rally led by short covering activities. On the downside, supports exist at 9,620 and then 9,580-9,560 zone.

NIFTY 3-Month

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