The domestic equity market concluded the final trading session of 2017 with gains of over half a per cent today. The 30-share Sensex closed 208.80 points or +0.62 per cent up at 34,056.83 today, while the 50-share Nifty settled 52.80 points or +0.50 per cent up at 10,530.70 today. As many as 32 stocks from the Nifty index closed in the green.
Indian equities ended a spectacular year on a resounding note as the BSE benchmark Sensex hit fresh all-time closing high on the last trading of session of 2017, while the Nifty50 settled well above 10,500 levels, even as Asian markets remained subdued. The S&P BSE Sensex looks set to log best yearly gain in the last three years. Thus far in CY17, the index has gained 28%, while the S&P BSE Midcap and the S&P BSE Smallcap indices have surged 48% and 60%, respectively, on the back of a strong rally in metal, automobiles, telecom, banking, capital goods, consumer durables and realty shares. The Nifty has rallied 29% so far in CY17.
The 50-share Nifty index remained stable throughout and ended near the high point of the day. In the process, it formed a White Body candle on the daily chart. Technically, the index again managed to move past the 10,490 level and re-attempted a breakout. There are chances that the resumption of this upmove would extend to the next session. If that happens, we will see Nifty test the 10,600-10,635 zone, after which it may halt at the 23-month-long trend-line. On the downside, major support is seen at 10,450 level.