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Market Report

Wednesday, 12-September-2018

NSE

  • BSE Sensex closed higher by 304.83 points, or 0.81%, to end at 37,717.96 today, while the Nifty50 rose 82.40 points, or 0.73%, to close at 11,369.90 today. BSE MidCap gained 0.52%, whereas SmallCap fell 0.27%. Sixteen out of 19 sectoral indices on BSE advanced with FMCG gaining most at 2.40% followed by metal and capital goods. Telecom, realty and bankex declined. In the 50-share NSE index, 29 shares closed higher, while 21 settled lower today.

  • Benchmark indexes snapped their two-day losing streak, along with the Indian rupee, and recovered on Wednesday after reports that the government may announce measures this weekend to support the rupee. The government is also expected to announce measures to check the rise in oil prices as well. The rupee rebounded from its fresh all-time low and strengthened against the US dollar after better-than-expected August trade data. In global markets, European stocks advanced and Asian shares extended a losing streak as traders turned their focus to the outlook for monetary policy amid increased global trade tensions.

  • The Nifty50 index remained under pressure and slipped towards the 11,250 level, but witnessed a sharp upward move after RBI's intervention to rescue a falling rupee. It recovered more than 100 points from its low point and formed a Hammer Candle on the daily scale. Analysts termed today's gains as a counter-trend rally. The formation of a Hammer candle after a reasonable weakness could indicate short-term upside reversal for the market. Thus, the extreme short-term outlook looks slightly positive. A sustained hold above 11,385 can extend this short covering-induced rally to 11,430 and 11,467 levels. A failure to take out the resistance level can make Nifty resume the corrective wave towards the 11,250-11,190 range. Markets will be shut on Thursday on account of Ganesh Chaturthi.

NIFTY 3-Month

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