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Market Report

Tuesday, 08-Aug-2017

NSE

  • BSE Sensex cracked 259.48 points or -0.80 per cent to end at 32,014.19 today while Nifty50 ended the session below the 10,000-mark at 9,978.55 today, down -0.78 per cent or 78.85 points. The domestic market ended in the red for a second consecutive session today after investors booked profits amid markets regulator Sebi's move to ban 331 shell companies from trading on the bourses. After nine sessions, the 50-share Nifty settled the day below the 10,000 mark.

  • The benchmark indices extended losses for the second straight session today as an unexpected regulatory order imposing trading restrictions on 331 listed entities identified as shell companies raised concerns about a wider probe into others. The restrictions include limiting trading in the affected companies' stocks to once a month and curbs in the trading of shares held by the promoters and directors of the companies, raising fears of additional measures from the regulator. The move was aimed at curbing black money, but honest investors were caught off guard by the sudden move.

  • The Nifty50 index today failed to hold above the 10,080 mark even after its struggled hard but corrected sharply towards the 9,947 mark. The index formed a Bearish Candle on the daily chart and registered a lowest daily close in last 10 sessions as it fell below key short-term moving averages. Now, if the index closes in the red on Wednesday, it would be a break away from a trend — no correction for more than two sessions — seen since the June lows. If the Nifty goes below 9,980 now, it can go down towards 9,950 and 9,928 levels, while on the upside resistance is placed at 10,050 and 10,080 levels. The index recently corrected from 10,137 to 9,950 levels. If the major support of 9,928 is broken, then the short-term trend will turn negative.

NIFTY 3-Month

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