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Market Report

Monday, 14-Aug-2017

NSE

  • The BSE Sensex gained 235.44 points or +0.75 per cent to end at 31,449.03 today. The Nifty50 index rose 83.35 points, or +0.86 per cent, to close at 9,794.15 today. Making an impressive recovery from last week's mayhem, the domestic stock market ended in the positive zone today, thus ending the five-day losing streak. Short-covering in recently beaten down stocks and a mixed Asian trend, tracking weekend gains in the US markets, spurred trading sentiment here.

  • Benchmark indices rebounded after weak US inflation data dampened prospects of a rate hike in the US this year, lifting sentiment across global markets. At home, investors reacted to July Wholesale Price Index (WPI)-based inflation data, which surged to 1.8% from 0.9% reported in June. Consumer Price Index (CPI)-based inflation data will be released later in the day. Meanwhile, figures for the Index of Industrial Production (IIP), released by the government on Friday, showed national factory output contracting by 0.1%, a 48-month low, as compared to the 2.7% rise seen in the previous month of May.

  • The Nifty50 index opened in the positive today and negated the formation of lower highs and lower lows of last four trading sessions. It witnessed a bounceback after the sharp decline of the last week and closed the session near the 9,800 level with an intraday gain of 83 points, despite industrial production entering the negative territory in June. It formed a bullish candle on the daily chart and managed to move back near its 50-DEMA. Now, the index has to hold above 9,775 level to witness an upward move towards the 9,860-9,889 levels, which is the 38.20 per cent retracement of its recent fall from 10,138 to 9,685 levels. On the downside, it has support at 9,759 and 9,710 levels to hold the recent pullback rally. Analysts, however, do not see today's gains as trend reversal and expect the index to face strong resistance around 9,850.

NIFTY 3-Month

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