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Market Report

Thursday, 27-July-2017

NSE

  • The NSE Nifty50 ended flat at 10,021.55 today, down just 0.10 points and nil per cent change, with 18 components ending in the green and the rest in the red. The broader Nifty50 posted the biggest absolute gains in a F&O series since March 2016. The BSE Sensex settled 0.84 points, or nil per cent, up at 32383.30 today.

  • It was a mixed day on Dalal Street as the equity benchmark indices scaled fresh record highs in early trade only to give up all the gains later in the day and close flat. Sensex and Nifty had surged to fresh record high levels in morning trade with BSE Sensex scaling 32,672.66 and Nifty50 trading at 10,114.85 for the first time ever. But they lost momentum midway through the day, after the July series F&O contracts expired. Profit booking on the pharma and IT counters weighed on the market, pushing the Nifty into the negative zone. However, the Nifty managed to settle the July series of derivatives expiry above 10,000 after the index surged past 10,100-mark in intraday trade.

  • Overseas, European markets were trading positive, while Asian markets hit their highest in nearly a decade after the US Federal Reserve kept interest rates unchanged on Wednesday and said it expected to start winding down its massive holdings of bonds 'relatively soon' in a sign of confidence in the US economy.

  • Traders could not sustain a spectacular early rally in the Nifty50 that took the index all the way to a record high of 10,114, as a correction in late trade ensured a disappointing end to an otherwise dream F&O series for the market. The index made a candle pattern similar to the Shooting Star on the daily chart, even as it made another day of higher lows. Experts do not rule out the possibility of a minor correction going ahead. Now, it has to continue to hold above 9,980 to witness an upward move towards 10,100, while on the downside, supports are seen at 9,950 and 9,928 levels.

NIFTY 3-Month

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