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Market Report

Friday, 07-July-2017

NSE

  • The S&P BSE Sensex closed just 8.71 points, or -0.03per cent, lower at 31,360.63 today with Reliance Industries being the top gainer and ICICI Bank the worst laggard. The 30-share pack, which opened at 31,373 against the previous close of 31,369, witnessed a 140-point swing in intraday trade. The NSE's Nifty50 closed at 9,665.80, just 8.75 points, or -0.09 per cent, lower with 19 constituents ending in the green and 31 in the red.

  • A day after hitting record highs, the domestic equity indices lost momentum in today's session on weak global cues and heavy selling on select counters, including in banking, auto and IT stocks. Also, there were concerns globally that central banks are moving closer to removing the monetary stimulus. The intra-day losses were recouped after index heavyweight Reliance Industries rallied to hit 9-year high. Nifty was up +1.5% for the week, snapping a three-week losing streak, its biggest weekly gain since late May. On the other hand, BSE Sensex was up +1.4% for the week, extending gains for the second consecutive week.

  • The Nifty50 index failed to surpass the 9,680-9,700 zone and closed with a marginal loss today. It traded inside the trading range of Thursday's session and formed a 'Harami' pattern on the daily chart as it kept consolidating for the fourth session around the resistance at the 9,700. Analysts said while technical indicators turned favourable for the bulls and the index has been making higher lows for the last five sessions, a close above 9,675 on a sustained basis is a must. On the downside, the index has to protect the 9,600 level in order to avert a further correction, they said.

NIFTY 3-Month

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