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Let’s take a quick glance at what happened on Dalal Street today.
Domestic equity markets kicked off the new week on a positive note though the gains were limited amid the volatility. Despite supportive global cues, benchmark indices wiped off the early gains, thanks to inflationary pressure and fear of a correction. Pharma, IT and FMCG stocks witnessed decent demand whereas metals and PSU lenders were under pressure. The BSE barometer Sensex gyrated in the range of 440 points. The benchmark index hit 61,000 mark during the day, but settled just about 60,700 after gaining only 32. Its broader peer, Nifty50, ended the day 100 points below the day’s high at 18,110, adding merely 7 points. Index hit 18,200 level during the but could not hold on to the gains. Broader markets ended the day mixed. BSE midcap index ended the day in green, whereas BSE smallcap index settled marginally lower. Fear gauge India VIX gained 2 per cent.
Power Grid led the gainers on BSE Sensex, with a 3 per cent rise, followed by a per cent jump in ITC. Asian Paints, Nestle, Kotak Mahindra Bank, TCS , HUL, Dr Reddy’s Labs, NTPC and Sun Pharma added a per cent each. IndusInd Bank, Maruti Suzuki, Infosys and HDFC twins also settled higher. On the other hand, Tata Steel tanked 3 per cent. M&M, SBI, Airtel, Bajaj Finserv, L&T, Bajaj Finance, Reliance, Tech Mahindra and Ultratech Cement shed a per cent each. ICICI Bank, Axis Bank Titan and HCL Tech also settled lower. More than 370 stocks hit upper circuit limits for the day and over 300 stocks hit the lower circuit. About 110 stocks tested 52-week highs during the session.
We have Narendra Solanki from Anand Rathi Shares & Stock Brokers to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Why are global brokerages downgrading Indian Equities? Should investors be cautious about it?
2. What should be the post listing strategy for the IPO investors?
We also caught up with Vijay Bhambwani of Equitymasters to decode the technical charts for you.
1. What is your take in Nifty 50 as it hit the 18,200 mark today?
2. Nifty Bank was under pressure today. Where is it headed now?
Asian markets settled mostly higher for the day. Major European markets were trading mixed in the first few hours of trade. US stock futures were up hinting towards a positive start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!