Bitcoin hits fresh all-time high to hit $50,000-mark
S&P says Indian economy on track for recovery
RailTel IPO sails through on Day 1 itself
Future Group creditors scramble to recover $2.5 billion
Govt hints at action on OTT platforms
Let us take a quick glance at what happened on the Dalal Street today.
Benchmark equity indices saw selling pressure at fresh highs, but the bulls managed to pare losses by close. That said, the number of stocks ended lower outnumbered the ones that ended higher.
Sensex eventually fell 50 points to close above 52,100 level. Nifty50 hit 15,400 intraday, but ended almost flat.
Four PSU banks, including IOB and Bank of India, rallied up to 20 per cent on reports the government was looking to privatise them. PSU stocks topped Sensex gainers as well, with Power Grid rallying 6 per cent, ONGC surging 5 per cent and NTPC climbing 3 per cent.
Select private banks such as ICICI Bank and Axis Bank, which rallied the previous day, fell 2 per cent each. IT majors TCS, Infosys and HCL Tech ended lower, so did FMCG stocks such as Nestle India, HUL and ITC.
We have Ajit Mishra of Religare Securities with us to understand his views on the market.
Welcome to the show, Mr Mishra
1) What are the near-term triggers for the market now?
2) What should investors be doing in this market?
On the daily technical chart, Nifty50 ended up forming a small bearish candle. It also negated a higher high higher low formation it was making for the past couple of sessions. We caught up with Rohit Singre of LKP Securities to decode the charts.
Welcome to the show, Mr Singre
1) Nifty50 saw selling pressure at 15,400 but managed to end above its support near 15,250. Is it in for consolidation?
2) Has Nifty Bank given any sell signal?
Most Asian markets settled higher. European markets were trading mixed in the first few hours of trade. US stock futures were hinting at a firm 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!
