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Market Report

Friday, 22-Sept-2017

NSE

  • The 30-share BSE Sensex closed the day 447.60 points, or- 1.38 per cent, down at 31,922.44 today, while the 50-share Nifty index lost 157.50 points, or -1.56 per cent, to close at 9,964.40 today. BSE's total market capitalisation declined by Rs 2.73 lakh crore to Rs 133.36 lakh crore from Rs 136.09 lakh crore a day ago. As many as 47 stocks in the Nifty index closed in the red.

  • It was a day of wealth destruction on Dalal Street as the benchmark equity indices witnessed the steepest percentage fall since November 2016. The benchmark indices fell over -1.3%, extending losses for the fourth straight session. A couple of domestic as well as foreign factors weighed on market sentiment since morning, starting with weak global cues, sustained selling by foreign institutional investors and a sharp fall in the rupee. Global investor sentiment was also subdued after North Korea said it might test a hydrogen bomb in the Pacific Ocean and escalated a war of words with US President Donald Trump.

  • The Nifty50 today plunged over 150 points to breach multiple support levels, including the 13-day and 20-day exponential moving averages (EMA) and form a long bearish candle on the daily chart and a 'Bearish Engulfing' pattern on the weekly chart. This was the biggest single-day fall for the index in 10 months. It was for the four consecutive session that the index made a bearish pattern, closing lower than its opening level, as the index wiped off all the gains made since September 11. Analysts suspect the index is up for a major correction. Short-term weakness could take it towards 9,920 and 9,880 levels as long as it stays below the psychological 10,000 mark. On the upside, resistance levels shifted lower to 10,020 and 10,080 levels. Today's bearish engulfing formation on the weekly chart confirmed this as a counter move and signalled the end of a pullback rally that started from the low of 9,685.

NIFTY 3-Month

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