Market Update 3rd October 2017
The BSE Sensex on Tuesday rose by 213 points or 0.68 percent and also the NSE Nifty closed above 9,800-mark after a rally in auto stocks on better-than-expected sales data for September.
The 30-share BSE barometer after gap-up opening at 31,537.81 points hit a high of 31,615.28 on sustained buying by domestic institutional investors (DIIs).
However, profit booking at improved levels eroded some of its gains and therefore the index settled at 31,497.38, recording a notable rise of 213.66 points, or 0.68 percent. The gauge had gained 123.91 points in the previous two sessions.
The broader NSE nifty retook the 9,800 level to finish at 9,859.50 by surging 70.90 points, or 0.72 percent, after moving between 9,895.40 and 9,831.05. Stock exchanges were closed on Monday for the ‘Gandhi Jayanti’
Firm Asian cues and a higher opening of European markets reflecting a rally on Wall Street, where all three U.S. indices hit new records following strong economic data, too bolstered trading sentiments here. The U.S. manufacturing activity in September rose to its highest level in 13 years.
Robust sales numbers for September from automakers led by Tata Motors and positive global cues added fuel to the rally.
The Monetary Policy Committee headed by RBI governor Urjit Patel started two-day deliberations on Tuesday with industry and the government hoping for interest rate cut to spur growth which fell to the 3-year low of 5.7 percent in the June quarter, whereas experts expect status quo.The fourth bi-monthly monetary policy statement for 2017-18, to be released tomorrow, is being keenly awaited by all stakeholders — particularly the industry which has been demanding for lower interest rates.
Shares of SBI life insurance Co. Ltd debuted 5 % higher on the bourses on Tuesday, after the insurer’s Rs8,400 crore initial public offer (IPO) was subscribed 3.58 times last week.SBI Life shares opened 4.75% higher on the BSE at Rs 733.30 apiece, compared to the issue price of Rs700, which was the upper end of the price band of Rs 685-700 per share.
Technical summary for 4th October;-
Today we saw a gap up opening in nifty but only in the first hour, it looses all its momentum. Whole day trading a range of 35 points and close below 9900 levels. 9950 is the level which needs to be break than only we can see some more upside. On lower side 9700 is our strong support. We are expecting nifty to be in a range until it breaks these levels. Ranko chart is showing some positiveness in nifty let’s see will it continue it’s upside journey or it’s only a dead cat bounce.
Remember : Trade with a trading plan only. Always define your Entry & exits before entre any trade.
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