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Market Report

Friday, 08-Sept-2017


  • Benchmark equity indices BSE Sensex and NSE Nifty ended on a flat to positive note on Friday. The BSE Sensex settled 24.78 points, or +0.08 per cent, up at 31687.52 today, while NSE Nifty index closed 4.90 points, or +0.05 per cent, higher at 9,934.80 today, with 17 constituents ending in the green and 34 in the red.

  • The benchmark indices edged marginally higher on Friday as metal shares continued to rally on the back of higher commodity prices, but snapped a three-week winning streak amid continued caution about global risk factors such as North Korea. Disappointing update on the progress of the southwest monsoon (5 per cent below normal) played on investor sentiment, resulting in intermittent bouts of volatility. However, robust buying activity was seen in capital goods, banking, and telecom counters, while market participants offloaded select auto, pharma and IT counters.

  • The Nifty50 index opened in the positive on Friday, but failed to surpass the 9,965 mark and fell towards the 9,913 level. However, it recovered from the lows and finally closed above its key pivot at 9,928 with marginal gains. The Nifty50 ended up forming a 'Hanging Man' pattern on the weekly charts on Friday, suggesting indecisiveness among the market participants and indicating trend reversal. The index has got stuck in the broader trading range between 9,850 and 9,980 levels from last eight sessions. Now, it has to continue to hold above the 9,928 level to witness an upward move towards 9,980 and then see a fresh move towards 10,020 and 10,050 levels, while on the downside, supports are seen at 9,880 and then 9,850 levels.

NIFTY 3-Month

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