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Market Report

Wednesday, 25-Oct-2017

NSE

  • Spurred by the government's mega plans to boost economy via recapitalisation of public sector banks and massive road building programme, benchmark equity indices Sensex and Nifty scaled fresh record closing highs today. The 30-share BSE Sensex closed 435.16 points, or +1.33 per cent, up at 33,042.50 today, while the 50-share NSE Nifty index settled 87.65 points, or +0.86 per cent, up at 10,295.35 today.

  • The Indian market soared to a fresh high today, as investors cheered the government's recapitalisation package for public sector banks PSBs and Rs 7-lakh crore infra boost via the Bharatmala project. F&O expiry for the October series also aided sentiment. S&P BSE Sensex ended over 33,000 for the first time ever and the Nifty50 also achieved a new milestone, going past 10300 level and ending at a fresh closing high of 10,295.35 points. More than 70 stocks on the NSE hit their fresh 52-week highs in today's trade as the rally was majorly supported by select banking counters, while 26 stocks in Nifty index settled in the red.

  • The Nifty50 index opened in the positive today and made a new record lifetime high of 10,340, by surpassing the previous high of 10,251. It settled a tab below the 10,300 mark that it had hit midway through the session. The index broke out of the consolidation range of last two months and formed a Hammer-like pattern on the daily chart. The Nifty's near-term chart suggests if the Nifty50 manages to cross the 10,320 level on a closing basis, it may trigger short covering, which could lift it towards the 10,380-10,420 range, while on the downside, supports are seen at 10,250 and then 10,178 levels.

NIFTY 3-Month

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