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Market Report

Wednesday, 13-Sept-2017


  • In a volatile session today, the domestic equity market ended on a flat note despite Sensex surging by nearly 200 points in early trade. BSE Sensex ended at 32,186.41 today, up 27.75 points or +0.09 per cent while the 50-share Nifty ended the session in red at 10,079.30 today, down 13.75 points or -0.14 per cent.

  • The benchmark indices pared morning gains in the last leg of the session, to end flat - so flat that one index closed in the red while the other closed in green. Dismal macroeconomic data as the Index of Industrial Production (IIP) rose only marginally in July and consumer price index (CPI)-based inflation surged to five-month high in August affected the sentiment. The broader markets also underpeformed the frontline indices. Globally, Asian markets inched up to a 10-year high, cheered by record highs on Wall Street following Apple's new launches and as North Korea fears eased.

  • The Nifty50 today snapped a four-day winning streak to make a 'Spinning Top' pattern on the daily chart. During the session, the index came strikingly close to its record high level of 10,137 before selling pressure kicked in, suggesting indecisiveness among market participants. Nonetheless, the index continued to form higher highs and higher lows and analysts believe one should not see today's session as a sign of trend reversal. If it sustains below 10,050, only then profit booking could be seen in the 10,000-9,980 zone. On the upside, a decisive move above 10,138 could commence the next leg of rally towards 10,200 and then 10,350 levels.

NIFTY 3-Month

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