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Let us take a quick glance at what happened on the Dalal Street today.
After a lacklustre show on Wednesday, benchmark indices returned to their record highs today helped by gains in heavyweights Reliance Industries and Bharti Airtel. However, continued weakness in some auto and banking stocks limited the upside.
For the day, Nifty50 ended nearly 70 points higher to close above the 15,150 mark. The BSE-Sensex rose over 200 points.
RIL contributed the most to the benchmarks’ gains as the stock rose over 4 per cent as investors see light at the end of the tunnel for its deal to buy the retail assets of Future Group. Market buzz of likely demerger of its telecom and retail verticals, ahead of a possible listing, also boosted the stock.
The gains were most prominent in the smallcap space. The gains reflected the optimism among investors for the domestic economy. The Nifty Smallcap 100 index closed nearly 2 per cent higher.
Shares of GAIL, Hindalco, Sun Pharma rose 2-5 per cent. Titan and Eicher Motors tanked over 2 per cent after Q3 earnings.
We have with us Vinod Nair of Geojit BNP Paribas to understand his views on the market.
Welcome to the show, Mr Nair!
1) Is it the right time to book profits in the market and raise some cash?
2) Should investors increase their allocation to defensive sectors like FMCG, IT and pharma in the coming weeks?
We caught up with Aditya Agarwala of YES Securities to decode the technical set-up for Nifty50.
Welcome to the show, Mr Agarwala!
1) Is the Nifty50 entering a consolidation phase and how should traders position themselves?
2) What are you making of the weakness in Nifty Bank. Should one still hold long there?
Major Asian markets settled higher. European markets were trading mixed in the first few hours of trade. US stock futures were hinting at a positive start for US equities later in the day.
That’s all for now.
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