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Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets kicked off the week on a higher note and the benchmark managed to end the day in green thanks to stronger global cues. Positive commentary from Fed officials boosted the sentiments further. Buying was seen in IT, banking and select financials, whereas selling in auto stocks trimmed the gains. Sensex gained more than 225 points to settle at 55,556. Nifty50 could not cross 16,600 during the day and ended the day at below 16,500, about 46 points higher. Broader markets underperformed with the BSE midcap index declining by a per cent and the smallcap index shedding over 1.5 per cent. Fear gauge India VIX eased over 2 per cent, breaching 14 mark.
On BSE Sensex, HCL Tech led the gainers, jumping 4 per cent. TCS, Bajaj Finserv, Nestle and Bharti Airtel gained 2 per cent each. Bajaj Finance, Tech Mahindra, Kotak Mahindra Bank, IndusInd Bank and Reliance added a per cent each. On the flip side, M&M tanked 3 per cent, whereas Bajaj Auto declined over 2 per cent. Ultratech Cement, Power Grid, ITC, Asian Paints and Tata Steel gave up between 1 and 2 per cent each. Over 240 stocks hit upper circuit limits for the day, whereas more than 640 stocks hit the lower circuit. About 60 stocks tested their 52-week highs during the session.
We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Benchmark indices eked out gains, but broader indices were in deep pain, why?
2. Do you think the IPO mania has fizzled out after a series of poor listings?
We also caught up with Nirav Chheda of Nirmal Bang Securities to decode the technical charts for you.
1. Nifty50 was unable to hold higher levels. Where is it headed?
2. Nifty Bank has remained under pressure for a long time. Do you see more pain coming in?
Asian markets ended higher for the day. Major European markets were trading with gains 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!