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Market Report

Wednesday, 16-Aug-2017

NSE

  • Benchmark indices BSE and NSE gained +1 per cent each on Wednesday, extending gains for the second straight session. Nifty50 closed a tad below 9,900 while Sensex ended the session firmly above 31,700 level led by a rally in consumer durables and financial stocks in the afternoon trade. Sensex closed at 31,770.89 today, up 32.86 points or +1.02 per cent. Meanwhile, Nifty50 reclaimed the 9,900 mark before ending the session at 9,897.30 today, up +1.05 per cent or 103.15 points higher, with 37 constituents ending in the green and 13 in the red.

  • Caution prevailed as a faster-than-expected rise in consumer price inflation in July reduced the chances of another interest rate cut by the Reserve Bank of India, which cut its main policy rate early this month by 25 basis points to 6%, the lowest since November 2010. Firmness in European markets further boosted sentiment in the latter part of the day.

  • The Nifty50 index managed to hold above the 9,875 level and witnessed a strong rally of more than 100 points towards the 9,900 mark. It formed a strong bullish candle on the daily chart and started to form higher highs and higher lows since last two sessions. The index has surpassed its 38.20% retracement of the recent fall from 10,138 to 9,685 and now holding above the 9,850 mark can extend this move towards 9,928 and then 9,980-10,000 levels. On the downside, it has support at 9,820 and then 9,775 marks to hold the recent pullback rally.

NIFTY 3-Month

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