Indian Market Outlook: The Indian benchmark Index Nifty yesterday closed at 8724 after making low of 8712. Nifty was down by 0.91 percent, the index opened at 8779 and made high of 8808. Nifty is trading in narrow range of 140 points from 8827 to 8685 in last 10 trading sessions. Smallcap Index was down by 2.27%, the index closed at 6415 after making low of 6399. Smallcap Index opened at 6529.45 and made a high of 6530. The cash market has showed continued selling for the 4th trading session for 300 points from 6707 made on February 9 to 6399 low yesterday.
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Bank Nifty is trading in a range of 460 points from 20462 to 20000 and yesterday closed 20164 after making low of 20115. Bank Nifty weekly contract will expire today thus lots of volatility is expected. SBI and TCS to remain in focus today as cabinat yesterday approved merger of five bank with SBI. TCS to buyback share on February 20, 2017.
Nifty Future is opening at 8757 as per SGX Nifty at 8:30 am IST, 8 points above its previous close of 8749.