IRFC cancels its proposed 5-year bond issue
Unemployment rate recovers to pre-Covid level of 6.9% in Feb
EPF interest payout retained at 8.5%
Sebi issues notices to Franklin Templeton
Flipkart mulls US IPO via SPAC route
Let us take a quick glance at what happened on the Dalal Street today.
Bulls’ attempt to push back the bears after the initial battering failed, as the former gave in to global worries over rising US bond yields and inflation. The BSE Sensex declined nearly 600 points to sub-51,000 level and ended its three-day winning streak. The NSE Nifty shed just over 1 per cent to sub-15,100 level. A total of 25 of 30 Sensex stocks ended lower. The market breadth, however, was positive.
Banking and financial names emerged as the worst Sensex losers. The list included HDFC, Bajaj Finserv, SBI, Axis Bank, HDFC Bank and ICICI Bank. These stocks roughly fell 2-3 per cent. L&T also shed 2.3 per cent. RIL, Infosys and ONGC dropped 1 per cent each. UltraTech Cement soared 4 per cent to Rs 6,763. Dr Reddy’s Labs, Asian Paints and Maruti Suzuki ended up to 1.6 per cent higher.
We have Vinod Nair of Geojit Financial Services to share his views on the market.
1) With so much volatility in the market, what really can soothe investor sentiment?
2) What should investors do?
3) Should investors ignore daily volatility and buy on dips?
On technical charts, we caught up with Rohit Singre of LKP Securities to decode the charts.
1) Nifty today bounced back from the sub-15,000 level. Are we in a consolidation phase?
2) What is your take on Bank Nifty?
Globally, Asian markets settled up to 3 per cent lower. The sentiment at European bourses was not any better in the first few hours of trade. US stock futures were hinting at 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!
