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Market Report

Wednesday, 06-Sept-2017


  • Subdued global cues amid selling in pharma major Sun Pharma weighed on market sentiment today. As a result, BSE Sensex closed 147.58 points, or -0.46 per cent, down at 31661.97 today, while NSE Nifty50 index settled 36.00 points, or -0.36 per cent, down at 9,916.20 today, with 19 constituents ending in the green and 32 in the red.

  • The domestic stock market, which has been oscillating between positive and negative terrains due to geopolitical tension, slipped back into the red today as North Korean tension weighed on investor sentiment. Investors took cues from the negative trend seen in European and Asian markets after the S&P 500 suffered its biggest one-day fall in three weeks on Tuesday as US investors sold in reaction to North Korea's sixth and biggest nuclear weapons test on Sunday. Meanwhile, the rupee dropped to as low as 64.26 per dollar, its weakest level since August 16, but pared falls to 64.20, compared to its 64.1275 close on Tuesday.

  • The Nifty50 fell in line with other global markets today, but managed to close above the psychological mark of 9,900. The index traded in a narrow range and, like Tuesday's session, moved within Monday's bearish candle range between 9,988 and 9,861 levels. At close, the index ended above its opening level, thus forming a small bullish candle on the daily chart. Analysts expect the ongoing consolidation in the index to continue over the next few sessions before it sees a decisive breakout. The bulls have a very strong hold in the current structure between 9,870 and 9,850 levels, while the bears have a strong hold at 9,970 level, expert said.

NIFTY 3-Month

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