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Market Report

Wednesday, 02-Aug-2017

NSE

  • The benchmark Sensex slipped some 98.43 points, or -0.30 per cent, to wrap up the session at 32,476.74 today. That's a poor show considering the fact that the 30-stock pack had started the day with a 100 points gap up at 32,641 and touched an intraday high and low of 32,686 and 32,394, respectively. The Nifty50, which had opened at an all-time high of 10,137.85, slipped below the 10,100 mark to finally end the day -0.33 per cent or 33.15 points down at 10,081.50 today, with 38 constituents ending the day in the red and the rest in the green.

  • The benchmark indices ended lower after the Reserve Bank of India cut repurchase (repo) rate by 25 basis points (bps) to 6%, the lowest since November 2010. The Sensex and Nifty had hit their respective highs of 32,686 and 10,137 at the open. The rate cut came after a slump in food prices sent June consumer inflation to a more than five-year low of 1.54%, well below the RBI's 4% target and its projection of 2.0-3.5% for April-September. But the RBI rate cut has failed to cheer markets with the Nifty ending below the 10,100 mark.

  • The Reserve Bank of India's 25 basis points rate cut today could not entice traders, as the Nifty50 dropped in late trade to eventually form a 'Bearish Belt Hold' pattern on the daily chart. The index opened in the positive and made a new lifetime high of 10,137, but failed to hold the gains and witnessed a decline towards the 10,054 mark. Technical analysts remained constructive in their outlook for the index, as they do not rule out a small correction in the near future. Now if it sustains below 10,050, only then can a followup decline could take it towards 10,020 and then 9,950 mark, while holding above 10,120 will give the Nifty50 a fresh leg of rally towards the 10,250 level.

NIFTY 3-Month

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