High beta stocks get a drubbing as Robinhoods have a mini panic attack
A Jhunjhunwala stock is up 27% in a month
Ion Exchange rallies 20%; TeamLease falters, DHFL tanks
World Bank projects India to grow at 8.3% in 2021
Monsoon reaches Mumbai, four subways shut
Retail inflation likely rebounded to 5.30% in May
Let us take a quick glance at what happened on Dalal Street today.
Dalal Street extended losses to a second straight day as investors took some profit off the table. Fag-end selling in heavyweights such as RIL and L&T weighed on the market. Nifty50 claimed 15,800 levels, before closing at 15,635, down 105 points for the day. Sensex ended below the 52,000 mark, losing 334 points.
Reliance and L&T led the carnage on Sensex, each declining 2 per cent. Bajaj Finserv, IndusInd Bank, Bajaj Finance, SBI and Axis Bank were among other laggards. On the flipside, Power Grid gained 3 per cent. NTPC and Titan were among other top perforemers.
We have Gaurav Garg from CapitalVia Global Research to share his views on the day’s action and the road ahead:
Welcome to the show, Mr Garg:
>> What led to the steep fall in the market in afternoon trade?
>> What has triggered the renewed interest in power stocks?
We also caught up with Aditya Agarwala of Yes Securities to decode the technical charts for you.
>> Nifty could not sustain above 15,800. What do the technical charts suggest?
>> Nifty Bank has been leading the fall in the markets. Do you see the index weakening further?
Most Asian markets ended mixed for the day. Major European markets were trading lower in the first few hours of trade. US stock futures were hinting at a flat start on Wall Street.
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!
