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Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets extended gains on Tuesday and benchmark indices closed at record levels, thanks to strong buying in metals, banking and financial counters. However, IT stocks could not hold on to gains as investors booked profits. Strong global cues bolstered the sentiments on Dalal Street. Sensex added more than 400 points, but the BSE barometer closed 40-odd points below the 56,000 level. Nifty50 settled at 16,625, about 128 points higher. After a long time, broader markets outperformed as BSE midcap and smallcap indices gained 2 per cent. Fear gauge India VIX eased about 4 per cent.
On BSE Sensex, Bajaj Finserv led the gainers, jumping 8 per cent. Tech Mahindra, Tata Steel and Bajaj Finance advanced 3 per cent each. HDFC Bank, SBI, ICICI Bank, L&T, Sun Pharma, IndusInd Bank and M&M added 2 per cent each. On the other hand, Nestle India, HDFC and Infosys declined by over a per cent each. HCL Tech, Asian Paints, Kotak Mahindra Bank and TCS shed over half a per cent each. Over 330 stocks hit upper circuit limits for the day, whereas more than 295 stocks hit the lower circuit. Only 39 stocks tested their 52-week highs during the session.
We have Brijesh Bhatia from EquityMasters to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What triggered Tuesday’s strong gains?
2. It was after many sessions that the advance decline ratio was in favour of the bulls. Do you think pain in the broader market is over?
We also caught up with Ashis Biswas of CapitalVia Global Research to decode the technical charts for you.
1. Nifty crossed 16,600 mark during the session. Where is it headed now?
2. Nifty Bank outperformed after a long time. What do the technical charts suggest about it?
Asian markets ended higher for the day. Major European markets were trading higher 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!