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Market Report

Friday, 01-Sept-2017


  • Positive global cues coupled with buying in automobile and healthcare stocks lifted benchmark equity indices for a third straight day today. The BSE Sensex advanced 161.74 points, or +0.51 per cent, to 31,892.23 today, whereas the NSE Nifty index settled 56.50 points, or +0.57 per cent, up at 9,974.40 today, the highest daily close in last 16 trading sessions. Overall market breadth remained in favour of bulls on Dalal Street as 40 stocks in Nifty index ended the day in green while 11 stocks closed in red.

  • Despite weak Q1 GDP growth, the market continued to stay on a positive terrain due to better auto sales and encouraging manufacturing data for the month of August. India's factory activity unexpectedly expanded in August, snapping back from a contraction the previous month, as disruptions stemming from confusion over GST eased. Sentiment was also supported as broader Asian shares edged higher, taking cues from Wall Street, with MSCI's broadest index of Asia-Pacific shares outside Japan up +0.21%.

  • The Nifty50 opened in the positive and zipped past the strong resistance at 9,950 level today, Day 1 of September futures and options series, and boosted chances of the index hitting the 10,000 level early next week. Besides, the MACD line crossed above the signal line, making a bullish crossover. Experts believe the index could now face resistance at around 10,020 level, while it may find support at 9,990 level. It now needs to hold above the 9,928 mark to extend its upward move towards 10,020 and the 10,050 levels, while on the downside, supports are shifting higher to 9,900 and then 9,850 levels.

NIFTY 3-Month

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