Stock Market Today by Ripples Financial Advisory – 3rd March 2017

Market showed weakness despite good strong global market scenario. Nifty Index fell 46 points and closed at 8900. Indian Benchmark Index Nifty opened near its recent high of 8982 and made a high of 8992. Cash market yesterday showed huge selling cum profit booking after making new highs, crucial support for smallcap index would be 6965 (last week low) for today below which next level is at 6398. MSCI Emerging Market Index will also play a vital role below 930 in providing direction to the market which is currently trading at 936.

Smallcap made new record high of 6776 but did not able to maintain its bull run and fell 129 points and closed at 6614 after making low of 6600.

Pharma Sector was in news today Sunpharma and Dr Reddy fell almost 2% to 3%. Biocon Plunge 8% after news was announced that biotech firm will see two critical inspections by US and European regulators in coming month. Wockhardt was down by 5% after the company receive warning letter from US regulator. Cadila gets 3 observation for its baddi formulation plant.

Bank Nifty gave a giant move and fell 224 points after making a high of 20905 and closed at 20560 after making a low of 20517. Yes Bank was down by 2.11%, SBI fell 1.67% and HDFC Bank was negative by 1.04%.

Nifty Future is opening at 8884 as per SGX Nifty at 8:50 am IST, 28 point below its previous close of 8912.50.

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