Market Wrap for 6th September, 2016

by Tufan Nag on Market Analysis, Market Wrap

Nifty 50 seems to be on fire. Today the stocks got an upbeat start. The benchmark index opened with a gap up of 43 points. Since, the opening trade the positive sentiment boosted the spirited rally to post biggest one day gains in last 2 months and also tasted 8950 in the last half an hour. Though at the fag end some profit booking dragged the index lower to close at 8943. Today the index has breached the psychological level of 8900 after tepid US payrolls data last week which tempered expectations of a September rate hike by the Fed Reserve.
According to CME Group’s Fedwatch Program the traders in Asian stock markets trimmed the probability of a Fed hike this month to 21% from 24% on Thursday and accordingly the Asian indices closed in green.

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