Delhi announces 6-day lockdown starting tonight
SC stays further proceedings in Amazon-Future-Reliance case
Automakers fear dent in sales as Covid cases rise
Investors lose Rs 3.6 trillion as Sensex falls 883 pts on Covid fears
Macrotech Developers shares tumble nearly 6 pc in debut trade
Let us take a quick glance at what happened on the Dalal Street today.
Benchmark indices took a beating as fresh Covid curbs threatened the much-awaited economic revival. Fuelling those concerns was a six-day complete lockdown announced by Delhi, which would be effective from tonight. Analysts said as more states announce curbs to restrict rising virus cases, tall FY22 earnings projections could be in for deep cuts.
It was all reflected on Sensex that fell 883 points for the day to close below the 48,000 level. Nifty settled the day around 14,360, after testing sub-14,200 levels earlier in the day. Financials and Reliance Industries contributed most to the fall, even as some late-recovery on the counters helped indices cut gains.
In the broader market, three stocks fell for every one that rose. Bank of India and RBL Bank plunged 7 per cent; realty major DLF tanked 6 per cent; AU SFB, IDBI Bank, Bandhan Bank, Bank of Baroda and IDFC First Bank declined 5-6 per cent. A host of Adani group stocks such as Adani Power, Adani Green and Adani Ports fell 5 per cent each. BHEL, Vodafone Idea, Bharat Forge and Sun TV were some of the stocks that fell 4 per cent each.
We have Narendra Solanki of Anand Rathi Financial Services with us to share his views on the market.
Welcome to the show sir.
1) With the way Covid situation is going from bad to worse, can the June quarter be a washout one as far as earnings growth is concerned?
2) What should investors do in the present situation?
We also caught up with Nirav Chheda of Nirmal Bang Securities to decode the technical charts for you.
1) Nifty saw some recovery from sub-14,200 level. Do you think the consolidation phase is still intact?
2) In the last 5 sessions, Nifty has fallen 3-5 per cent in two and risen over 3 per cent in one session. What are charts telling?
Asian markets ended mostly higher for the day; European markets were trading mixed 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!
