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Market Report

Monday, 07-Aug-2017

NSE

  • The BSE benchmark Sensex ended at 32,273.67 today, down 51.74 points or -0.16 per cent while the Nifty50 ended the session at 10,057.40, down -0.09 per cent or 9.00 points. In last three months or so, the domestic equity market managed to move at least 1 per cent in either direction only on just four occasions. That is why, it has been one of the most boring rallies on Dalal Street. Today was no different, as the Sensex and the Nifty again failed to excite.

  • Benchmark indices ended the day flat amid lack of any major domestic cues. Both the NSE Nifty and BSE Sensex hit record highs last week, raising concerns that factors such as positive earnings and hopes of an improving economy were already factored into prices. Tata Steel contributed most to the gains today in Sensex and Nifty as it hit its 52-week high on expectations of strong quarterly results, but broader gains were capped by profit-taking on concerns over valuations. On the day, however, the BSE Midcap index soared to fresh all-time high.

  • The domestic equity market witnessed rangebound trade all through the day today, and the NSE benchmark Nifty50 could not move beyond a 45-point range before eventually settling the day at around its five-day EMA of 10,056. The index made a small bearish candle on the daily chart and momentum indicator MACD saw a negative crossover, indicating that the index may stay rangebound in the coming sessions. Now, it has to cross and hold above the 10,080 mark to witness an upward move towards the 10,120-10,140 zone. On the downside, supports are seen at 10,020, and then 9,980 level.

NIFTY 3-Month

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