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Market Report

Thursday, 10-Aug-2017

NSE

  • The BSE Sensex lost 266.51 points or -0.84 per cent to end at 31,531.33 today, recovering around 150 points from 31,500 level just before closing. Nifty50 ended the session at 9,820.25 today, down -0.89 per cent or 87.80 points. The domestic equity market fell for a fourth straight session today with Nifty testing 9,800 levels and Sensex ending below the 31,600 mark. During the day, the Nifty fell as much as 131 points, over -1 per cent, witnessing its biggest intraday fall in 8 months.

  • Extending losses for the fourth straight session, the benchmark indices recovered some intra-day losses but still ended lower led by losses in pharma, auto and banking stocks. Individual stocks also dragged the sentiment on poor June-quarter result show. The Nifty50 has corrected by about 360 points from its lifetime high of 10,137 to 9,776 in the last seven sessions. Global sentiment was largely weak today with Asian stocks falling as investors fretted about the simmering tensions between the United States and North Korea.

  • The Nifty50 looks to be firmly in the bear grip, as it has been forming lower highs and lower lows for the past few sessions. The index tested the sub-9,800 level in intraday trade but eventually closed above it, extending the decline to the fourth day, accumulating a loss of over 200 points. Analysts noted that the index has been respecting its 50-day exponential moving average (EMA) for last seven months and that should be a critical short-term support for the index. At today's close, the 50-day EMA stood at 9,782. Therefore, a major technical setback is likely if the Nifty50 closes below the 9,780-9,750 range in the next few sessions, which may open up the doors for another 300-point fall. On the upper side, a break above 9928 level could bring some stability to the market.

NIFTY 3-Month

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