Daily Market Review
The key benchmark indices opened for trade on a higher note after a holiday. However, the indices slipped into the negative terrain amid lack of key domestic or global cues to boost investors’ spirits. Indices extended slide in afternoon trade as selling pressure intensified amid weakness in European markets. Geopolitical tensions was one another factor that weighed on market sentiment. Reports suggesting that China today, 27 June 2017 accused Indian troops of crossing the boundary in the Sikkim region and demanded their immediate withdrawal while asserting that it stopped the Indian pilgrims who enter Tibet via the Himalayan pass of Nathu La for safety reasons in view of the border issue.
The Nifty opened higher today, at 9,594.05, and went on to touch an intraday high of 9,615.40. However, the index slipped in afternoon trade, reaching an intraday low of 9,473.45, before closing at 9,511.40, down 0.66% from Friday’s closing price. The BSE Sensex, after opening higher at 31,194.68, hit an intraday high of 31,294.96. However, in the afternoon trade it erased all its gains and went on to make an intraday low of 30,847.08, before closing at 30,958.25, down 0.58%.
The breadth, indicating the overall health of the market, was weak. The total turnover on BSE was lower than that that of Friday’s trading session. The selling pressure was high on the broader markets, as the Nifty Smallcap and the Nifty Midcap indices lost 1.38% and 1.30%, respectively, in today’s trading session.
The MarketSmith India IND 47 Index, which lists the top 47 stocks in chart on fundamental characteristics, lost 1.34% in today’s trading session.
Among the sector indices, except Nifty FMCG index, which managed to close in the positive terrain by a gain of 0.09%, all other sectoral indices took heavy beating. Nifty PSU Bank, Nifty Media, and Nifty Realty posted losses of 3.38%, 2.69%, and 1.29%, respectively.
Yesterday, The European Central Bank (ECB) chief Mario Draghi, defended the ECB’s easy monetary policy. Draghi, while speaking to university students in Lisbon, reportedly said super low rates create jobs, foster growth and benefit borrowers, ultimately easing inequality.
Most of the Asian markets closed in the positive terrain as investors watched for signals from central bankers’ speeches. Federal Reserve Chair Janet Yellen is due to speak in London today, 27 June 2017.
Today, Nifty picked up a distribution day, so the new distribution day count for both the Nifty and the Sensex stands at 3.0. The Indian market remains in a Confirmed Uptrend.
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