Core industries show sharpest contraction in six months
India reports 53,480 new virus cases in 24 hours
World Bank raises India FY22 GDP forecast to 10.1%
Govt approves Rs 10,900 crore PLI scheme for food processing sector
SP Group’s restructuring package cleared by KV Kamath Committee
US Prez Joe Biden to unveil $2 trillion infra plan later today
Let us take a quick glance at what happened on the Dalal Street today.
Domestic stocks bid adieu to financial year 2021 on a weak note. Persistent concerns over rising Covid cases and weakness across Asia dragged Sensex 628 points to about 49,500 level. Nifty50 shed 1 per cent and closed below 14,700.
Banking stocks contributed most to the losses. Select IT stocks and Reliance Industries also weighed heavy on the indices.
For the day, the HDFC twins fell 4 per cent each, Reliance declined 1.25 per cent while tech stocks Tech Mahindra and Infosys dropped up to 2.5 per cent.
All eyes were on the $2 trillion infrastructure stimulus that US President Joe Biden was going to unveil later in the day, which could be funded by increasing corporate tax in the world’s largest economy.
We have Rusmik Oza of Kotak Securities with us to share his views on the market.
Welcome to the show sir.
1) What are your broader expectations from equity as an asset class in FY22?
2) What would be your advice to investors? Do you think last one-year’s return can be replicated this year?
We also caught up with Aditya Agarwala of YES Securities to decode the charts.
1) What are Nifty charts suggesting?
2) How should one trade Nifty Bank?
Asian markets settled up to 1.5 per cent lower for the day; European markets were largely mixed in the first few hours of trade. US stock futures were hinting at a flat 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!
