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Market Report

Wednesday, 12-July-2017

NSE

  • The S&P BSE Sensex ended at a new closing high of 31,804.82 today, up 57.73 points, or +0.18 per cent, and the Nifty50 also achieved a new milestone, setting at new closing high of 9,816.10, up 30.05 points, or +0.31 per cent. The Nifty50 crossed the crucial psychological level of 9,800 for the first time ever with 37 components ending in the green and 14 in the red.

  • The domestic equity market kept its winning momentum going on today as it hit fresh lifetime high for a third straight day, even as overall mood on Dalal Street remained cautious ahead of the release of key macroeconomic data and Fed chair Janet Yellen's testimony to the US Congress. June CPI is expected to have cooled to a record low of 1.7%, according to a Reuters poll, easing further from May's 2.18%. A lower inflation for the month of June will intensify the pressure on RBI to cut rates in the next monetary policy review meet. Markets are also keeping an eye on corporate earnings from TCS on Thursday and Infosys on Friday, kicking off the earnings season for the June quarter.

  • The Nifty50 on Wednesday closed above the psychological mark of 9,800 for the first time ever. The index formed a small Bullish Candle on the daily chart and formed a higher low for the eighth session in a row, even as the intraday trading range narrowed each passing day. Analysts said the index needs to take out the 9,830-50 range in order to be able to continue the rally towards 9,900, while a fall below the 9,770-50 range can trigger selling in the short term. There is support at 9,709 levels.

NIFTY 3-Month

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