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Let us take a quick glance at what happened on Dalal Street today.
It was a strong day for domestic stocks, with the BSE Sensex reclaiming the 51,000-mark after 11 weeks. The NSE barometer took out its crucial resistance level of 15,300 following four days of successive gains. Wednesday’s gains on the indices were led largely by IT and NBFC stocks that rose up to 4 per cent.
Two Sensex stocks, namely Asian Paints and Bajaj Finserv, hit their respective 52-week highs for the day. BSE 100 stocks such as HPCL and IOC and consumer names such as Berger Paints and Colgate-Palmolive also touched their one-year highs during the session.
Bajaj Finserv climbed 4 per cent and was the top Sensex gainer. It was followed by Bajaj Finance which gained 3 per cent for the day. IT major Infosys advanced 2.6 per cent while TechM and TCS also added about 1.5 per cent each. Power Grid and NTPC fell 2-3 per cent. ONGC declined 1 per cent for the day.
We have Binod Kumar Modi, Head of Strategy at Reliance Securities to share his views on the market:
Welcome to the show Sir:
1) Benchmark indices are near all-time high levels. Do you see more legs to this rally?
2) What should investors with idle money do? Should they deploy more or wait for a correction?
We also caught up with Aditya Agarwala of YES Securities to decode the technical charts for you.
Welcome to the show sir
1) What’s next for Nifty50? Where is it headed?
2) What are Nifty Bank charts suggesting?
Asian markets ended mixed for the day. European markets were mostly higher in the first few hours of trade. US stock futures were hinting at a 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!
