No proposal to bring petrol, diesel, ATF, gas under GST: FM
WPI inflation rises to 4.17% in February
MTAR Tech ends listing day with 88% gain
Brent crude hits $70 as China energy demand outlook brightens
Laxmi Organic IPO sails through within 3 hours of bidding
Let us take a quick glance at what happened on the Dalal Street today.
With inflation touching 27-month high, US bond yields hitting a 13-month peak and daily Covid cases surpassing 25,000 — the highest in 3 months, domestic investors had enough reasons to trim stock holdings on Monday. Positive trading in European market, though, helped the market recover some ground. Sensex settled the day 397 points lower while Nifty50 ended below the 14,950 mark.
Market breadth remained fairly negative, with three stocks falling for every two that gained for the day. Among Nifty stocks, Divis Labs and Bajaj Finserv shed 3 per cent each; GAIL, Bajaj Finance, HeroMotoCorp and Bajaj Auto declined 2 per cent each. L&T, Dr Reddy’s Labs and Adani Ports fell up to 2 per cent. JSW Steel, TechM and Tata Steel bucked the weak trend rising 2 per cent each. MTAR Technologies, riding on strong subscription, made a strong debut, soaring 88 per cent on the listing day.
We have Sanjeev Hota of Sharekhan with us to share his views on the market.
Welcome to the show, Mr Hota
1) How do you see the current market valuation given the rising virus cases and inflation concerns?
2) What would you be buying in this market?
We caught up with Nirav Chheda of Nirmal Bang Securities to decode the charts.
Welcome to the show, Mr Chheda
1) Nifty’s open proved to be its day high but the index recovered more than half its losses by the end. What are the key takeaways from today’s trade?
2) What is your view on Nifty Bank?
Most Asian markets settled lower, but European markets were trading higher in the first few hours of trade. US stock futures were hinting at a flat-to-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!
