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Market Report

Thursday, 20-July-2017

NSE

  • The domestic equity market today ended on a negative note as investors turned cautious over valuation concerns amid muted quarterly earnings numbers by some bluechip companies. The BSE Sensex ended the session 50.95 points or -0.16 per cent lower at 31,904.40 today with heavy-weights dragging the index. Nifty ended 26.30 points or -0.27 percent down at 9,873.30 at day's close. The Nifty PSU Banks plunged -1.05 per cent today, while IT and Metal declined -0.96 per cent each.

  • Indian shares ended flat today, taking a breather after the recent swing, as quarterly results remained the main driver in the market, at a time when strong gains have raised concerns about valuations. Participants preferred to book some profit ahead of some important results, including Reliance today. However, the market tone is still bullish and any decline should be considered as an opportunity to go long, say experts. On the other hand, world shares extended a run of record highs today, as a cautious sounding Bank of Japan lifted Asian stocks to a near decade peak and Europe wagered on an incremental increase in confidence from the ECB at its latest meeting.

  • After opening in the positive zone, domestic equity benchmarks pared all the gains amid heavy selling in IT and pharma stocks to end the session in the red today. The Nifty50 managed to get past the hurdle in the 9,920-9,930 zone, but failed to close above the psychological mark of 9,900. It has been struggling to hold above the 9,900 level for last six sessions. The index tested its five-day exponential moving average and probably made a double top at 9,922 during the session, just short of its lifetime high of 9,928. At close, the Nifty50 formed a pattern similar to a Dark Cloud Cover on the daily chart, suggesting that the rally might be nearing its end. Now, it has to cross and hold above the 9,900 level to witness an upward move towards 9,928 and then 10,000, while on the downside, supports are seen at 9,850 and then 9,820 levels.

NIFTY 3-Month

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