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Market Report

Monday, 31-July-2017

NSE

  • The domestic equity market continued its dream run today with Sensex, Nifty50 and Nifty Bank indices closing at fresh all-time highs. The BSE Sensex ended at 32,514.94, up 205.06 points or +0.63 per cent, while the Nifty50 closed at 10,077.10, up +0.63 per cent or 62.60 points, with 32 constituents ending in the green and rest in the red. It was the first time that the 30-share Sensex closed above the 32,500 mark. The Nifty closed July on a cheerful note with the monthly gain of +5.84 per cent.

  • The markets ended at fresh closing highs on Monday after the country's biggest lender, State Bank of India, rallied as it introduced a 2-tier savings bank interest rate, while investors awaited a rate cut by the RBI in its two-day policy meeting which begins tomorrow. Economists are divided on what action the RBI will take in its policy review that concludes on Wednesday, and say it will be a close call. Meanwhile, the retail inflation rate is running well below RBI's target. It had eased to its slowest pace in over five years in June.

  • The Nifty50 got back its mojo today, as the NSE barometer made a Bullish Candle on the daily chart, suggesting the possibility of more upside going ahead. Despite mixed global cues, the Nifty50 opened higher and never fell below the 10,000 level during the session. With today's gains and the formation of higher lows, analysts feel an initial momentum towards 10,250 level, followed by the 10,500 level on the index looks achievable. Now, the index has to hold above 10,020 level to witness a fresh rally towards the 10,250 level, while support is shifting higher to 9,950 mark. However, you have to watch out for event-based developments like Wednesday's RBI policy outcome.

NIFTY 3-Month

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