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Market Report

Thursday, 31-Aug-2017

NSE

  • Domestic equity market extended gains for a second straight day on derivatives expiry today. The BSE Sensex closed 84.03 points, or +0.27 per cent, up at 31730.49, while NSE Nifty index settled 33.50 points, or +0.34 per cent, up at 9,917.90 today. The Nifty50 saw momentum in the last hour of trade, with 30 constituents ending in the green and 21 in the red. More than 80 stocks on NSE hit their fresh 52-week high in today's trade, and this was the Nifty's highest daily close in 15 sessions.

  • The Nifty50 settled the August series of derivatives contract above 9,900 thanks to gains in IT, realty and auto stocks. Positive trend in Asian and European markets, after upbeat Chinese and US economic news, also contributed to gains. Meanwhile, GDP numbers for the April-June 2017 quarter will be released later in the day today. Sandwiched between the government's demonetisation programme and the implementation of GST, most experts expect the GDP print to be around 6.4 per cent.

  • The Nifty50 reclaimed the 9,900 level today as the August series futures and options contracts expired. The index managed to hold above its immediate support at 9,850 but faced stiffed resistance near the 9,926 level. With the index making a candlestick pattern similar to the 'Hanging Man' formation on the monthly chart, all eyes will now be on whether the bulls can overpower the bears in the coming sessions. So far, there is no such sign and only a limited upside. Now, it has to cross and hold above the 9,928-9,950 range to witness a fresh move towards 10,020 and 10,050 levels, while on the downside, supports are seen at 9,850 and 9,820 levels.

  • After market hours: India's Gross Domestic Product (GDP) growth for the first quarter of the fiscal came in at a dismal 5.70 per cent against 7.90 per cent in the same quarter last year. Figures were also much below Street estimates of 6.4 per cent. Now, there are expectations that the market may open in the red on Friday, but it might recover as the day will progress.

NIFTY 3-Month

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