Oil climbs for the 6th day on supply concerns; Brent tops $80
Invesco in talks to invest in Swiggy at $10 billion valuation
Expert group determining minimum wages reconstituted
Govt may miss Jan-Mar 2022 spectrum auction timeline
PM Modi launches 35 crop varieties with special traits
Let us take a quick glance at what happened on Dalal Street today.
A sharp selloff in European markets weighed heavily on domestic stocks on Tuesday but benchmark indices somehow staged recovery, cutting the day’s losses by about one per cent in the end.
Nifty50 still ended up below 17,750 ahead of September series F&O expiry later this week. Sensex, which was down about 1,000 points intraday, ended up losing only 410 points, thanks to recovery in Reliance Industries and a few other stocks. Airtel, Tech Mahindra, Bajaj Finance and Bajaj Finserv were among stocks shedding 3-4 per cent market value. IT stocks HCL Tech, Infosys, TCS and banking names ICICI Bank and IndusInd Bank fell 2 per cent each. Broader market too staged a recovery, even as declines outpaced advances for the day.
We have Ajit Mishra of Religare Securities to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1) What exactly triggered the selling pressure in the market today?
2) Volatility as suggested by India VIX has risen sharply in the last one month. Do you see wild swings ahead? What would decide the market direction going ahead?
We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.
1) How would you read into Monday’s selling pressure? Was it F&O-induced?
2) How should Nifty Bank investors position themselves?
Major Asian markets settled mixed for the day. European markets were trading sharply lower in the first few hours of trade. US stock futures were quoting 0.8 per cent lower, hinting towards a negative 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!