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Market Report

Tuesday, 18-July-2017

NSE

  • The S&P BSE Sensex shed 363.79 points, or -1.13 per cent, to end at 31,710.99 today with Asian Paints being the top gainer and ITC the worst laggard. NSE's Nifty50 index slipped below the 9,850 level to close at 9,827.15 today, down 88.80 points, or -0.90 per cent, with 29 constituents ending in the green and 22 in the red. The Sensex lost the 32k-mark and the Nifty lost the 9900-level right at the opening today.

  • A steep fall, nearly -13 per cent, in index heavyweight ITC and a negative lead from Asian markets pushed the domestic market lower, away from record highs while investors bet more on individual stocks amid the June quarter earnings season. The domestic equity market logged its biggest single-day fall in eight months with the BSE recording its steepest fall since November 21, 2016. Meanwhile, the US dollar fell to a 10-month low today, bearing the brunt of a sell-off triggered by another setback to US President Donald Trump's agenda and scaled back expectations for another rate hike at the US Federal Reserve this year.

  • Selling pressure has set in on Dalal Street. The Nifty50 opened in the negative and corrected around 100 points towards the 9,800 mark. Today's fall made the Nifty50 break below its crucial support of five-day EMA at 9,850 level. The index formed a long-legged Doji pattern on a daily chart, suggesting that traders used the intraday pullback to exit long positions. With the hope of the index hitting the 10,000 mark dashed, Nifty50 now faces a bigger task to hold on to the 9,800 level. A fall below this mark may trigger a sharp correction. Anything above the 9,930 level would throw up a bullish signal. But that looks unlikely for now.

NIFTY 3-Month

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