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Let us take a quick glance at what happened on the Dalal Street today.
Benchmark indices, which traded in a range for most of Thursday’s trade, saw selling pressure towards the fag end of the session. The losses were led by banking names amid the expiry of weekly options contracts. Global markets, too, were unsupported, given the Fed minutes of April policy suggested that a few members in the US central banks were keen on debating inflation and tapering. Sensex fell 338 points to 49,565 levels. Nifty50 slipped 124 points and barely held above 14,900. Steel stocks such as Tata Steel, SAIL and JSPL tanked 5 per cent each on fears of China curbs. Sensex stocks ONGC, Sun Pharma and Power Grid shed 2-3 per cent. Axis Bank, Kotak Bank and HDFC Bank dropped 1-2 per cent. Bharti Airtel, Nestle India and Asian Paints also ended lower.
M&M bucked the weak trend, rising 2 per cent higher for the day. IndusInd Bank, Titan and L&T rose up to 1 per cent.
We have Vinod Nair of Geojit Financial Services to share his views on the market:
Welcome to the show, sir:
What led to the fag-end selling in domestic indices on Thursday?
Do you think the rally in metal stocks could be at risk?
We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.
Nifty50 faced a hurdle above 15,050 today. What are the charts suggesting?
Was Nifty Bank’s selling related to weekly expiry? Where is it headed?
Asian markets ended mostly lower for the day. European markets were trading lower in the first few hours of trade. US stock futures were hinting at a weak start to US equities later in the day.
