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Let us take a quick glance at what happened on the Dalal Street today.
Rising crude oil prices and weakness across Asia triggered profit taking on Dalal Street, with benchmark indices paring gains to end modestly higher.
Sensex fell 545 points from day’s high to close near 50,450, up 36 points. Nifty opened above 15,000 level and breached 15,100 level before closing the day just above 14,950.
This is despite the US Senate approving the much-awaited $1.9 trillion stimulus and some strong data readings from the US and China. The upside was capped by rising crude prices, which hit $70 a barrel level on Monday, igniting inflation fears.
Among stocks, L&T and ONGC gained 3 per cent each and were the top Sensex gainers. HCL Tech added 2 per cent. NTPC, Axis Bank, Infosys and SBI rose up to 2 per cent. Stocks such as Bajaj Finance, IndusInd Bank, UltraTech Cement and Bajaj Auto fell up to 2.2 per cent.
We have Deepak Jasani of HDFC Securities to share his views on the market.
1) What made the market behave like it did on Monday?
2) What to you would be the biggest worry for the market in days to come?
We caught up with Nirav Chedda of Nirmal Bang Securities to decode the charts.
1) Nifty charts were quite weak on Friday and today the index erased entire morning losses. Where is it headed?
2) What should Bank Nifty traders do?
Asian markets settled up to 2 per cent lower. European markets were largely positive, trading up to 1 per cent lower 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!
