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Market Report

Wednesday, 04-Oct-2017

NSE

  • The domestic equity market extended its winning run to a fourth straight session as the Reserve Bank of India stuck to the script in its fourth bimonthly policy review today. The BSE Sensex added as many as 174.33 points or +0.55 per cent to close the session at 31,671.71 while the Nifty50 reclaimed the 9,900 level and ended at 9,914.20 today, up 55.40 points or +0.56 per cent.

  • Benchmark indices ended higher with Nifty50 index comfortably above 9,900 after the RBI's six-member Monetary Policy Committee (MPC) headed by Governor Urjit Patel kept the repo rate unchanged at 6 per cent, in a decision that was broadly in line with expectations. The MPC also did not tweak the cash reserve ratio (CRR), which remained unchanged at 4 per cent, but cut statutory liquidity ratio (SLR) requirement for commercial banks by 50 basis points to 19.5 per cent.The RBI, however, reduced the gross value added (GVA) growth target for the current financial year to 6.7 per cent from 7.3 per cent earlier.

  • The Nifty50 index continued to gain for the fourth consecutive session today and headed towards 9,938. The index made a small bullish candle on the daily chart as it has been making higher highs and higher lows from last three sessions and managed to reclaim its 50-day EMA. It has recovered 50 per cent of the entire fall from 10,178 to 9,687 and now the next hurdle will be the 61.80 per cent retracement in the 9,980-10,000 zone. It has to hold above 9,850 to extend the bounce towards 9,980-10,000 zone, while on the downside, supports are seen at 9,820 and then 9,777 levels.

NIFTY 3-Month

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