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Let’s take a quick glance at what happened on Dalal Street today.
Afternoon selling dragged benchmark indices in the red in what was a promising start for the day. But the broader market breadth remained largely positive, with three stocks rising on BSE for every two stocks that fell.
Sensex declined 323 points to 58,341 while its broader peer Nifty50 fell half-a-per cent and could barely hold above the 17,400 mark. The BSE Smallcap index bucked the trend, rising 0.4 per cent.
Shares of IOB and Central Bank of India gained up to 13 per cent on privatisation buzz. Zee climbed 7 per cent as MD & CEO Punit Goenka said the Sony merger deal was in its final stages. Paytm continued its recovery and zoomed 17 per cent for the day. Maruti Suzuki and Infosys lost 2-3 per cent. ITC, Reliance Industries, L&T and Tech Mahindra fell over 1 per cent each.
We have Binod Modi, Head Strategy at Reliance Securities, to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1) Should one stay with largecaps or sector leaders in this market?
2) PSU banks surged today on privatisation buzz. Do you find them attractive?
We also caught up with Aditya Agarwala, Senior Technical Analyst at YES Securities, to decode the technical charts for you.
1) What are Nifty50 charts hinting at?
2) What is your view on Nifty Bank?
Asian markets settled mixed for the day. Major European markets were trading lower in the first few hours of trade. US stock futures were down 0.25 per cent, hinting towards a muted 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!