Market Snapshot 2nd Mar.2017

Market opened on a positive note and Nifty made a high of 8992. But sentiments became pessimistic on the report that GST Council has proposed to raise the peak tax rate to 20%, from the current 14%, in the model goods and service tax bill to forbid the requirement of approaching Parliament for any change in rates future. Adding anxiety among market participants, Moody's kept India's GDP forecast for FY17 at 6.9% and expects the full impact of demonetization to reflect in the fourth quarter numbers. 

*Nifty 46.05 🔽 8899.75*

*Sensex 144.70 🔽 28839.79*

*CNX MidCap 250.20 🔽 16289.10*

Nifty50

*Top Gainer* : TATAMTRDVR 282.55 🔼 2.91%

*Top Loser* : BPCL 631 🔽 4.31%

*Turnover Topper by Traded Value* : BHARATFIN

*Turnover Topper by Traded Quantity* : JPASSOCIAT

*Advance / Decline* : 390 / 1259

*New 52 Wk High* : TATASTEEL.

*FIIs/FPI vs DIIs Figures* : +122.94 Cr vs -83.21 Cr

Nifty Outlook :

On the chart, Nifty has made a bearish engulfing and may stretch more to correct. A crucial support of 8880 is on the edge and as stated earlier, convincing close below 8880 will give bearish momentum further to take support around 8740-8720.