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Market Report

Thursday, 12-Oct-2017


  • The domestic benchmark Sensex logged its biggest single-session jump in three months, while the Nifty closed at kissing distance of 10,100 as investors threw caution to the wind at the start of September quarter earnings. Benchmark indices rallied today to end at 3-month high level. BSE Sensex added 348.23 points or +1.09 per cent to end at 31,182.22, while Nifty50 soared +1.12 per cent or 111.60 points to close at 10,096.40 ahead of India's inflation data for September, which will be released later in the day.

  • It was pre-Diwali party on Dalal Street today, as the domestic market jumped to a three-week high amid hopes of better second quarter earnings. Firm global cues lifted the sentiments further, helping benchmark indices to break the shackles of rangebound trading. The broader Nifty50 index of National Stock Exchange too had a spectacular run with the benchmark index crossing 10,100 mark at the fag-end of the session. As many as 40 out of 50 components settled in the green. TCS is scheduled to report its Q2 numbers later in the day. Investors also await macroeconomic data such CPI-based inflation for September and IIP for August, due later in the day.

  • Nifty opened on a positive note and witnessed sustained buying interest till the end of session. It rallied over 100 points and nullified the effect of Bearish Engulfing pattern formed in the last session. It made a strong bullish candle and closed at its highest level since the past 14 trading sessions. But the Bank Nifty is still trading below its 50-day EMA, rising doubts about the sustainability of this upmove. Now, the Nifty has to continue to hold above 10,050 to extend its move towards lifetime high of 10,178, then 10,300. Meanwhile, on the downside, supports are seen at 10,020 and 9,950.

NIFTY 3-Month

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