Oil hits new high near $75 on demand rise
Fitch affirms Adani Ports at BBB-minus with negative outlook
India keeps base import price of palm oil, soyoil unchanged
India’s power consumption grows 9.3% in first half of June
PUBG maker targets $5b in South Korea’s biggest IPO
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity market snapped its four-day winning streak as traders awaited the outcome of the Fed’s meeting due later in the day. Benchmark indices ended the session with cuts, following a sell off in index heavyweights like Reliance, L&T and financial counters. Adani Group stocks continued to decline.
Nifty50 lost over 100 points to close at 15,768. The BSE Sensex declined 271 points and ended just above the 52,500 mark. Broader markets underperformed, retreating as much as 1 per cent, whereas fear gauge India VIX jumped 2 per cent.
Power Grid, IndusInd Bank and Reliance lost 2 per cent each. They were followed by L&T, Ultratech Cement, Bajaj Finance and Bharti Airtel, which shed over a per cent each. On the flip side, Nestle India and NTPC gained 2 per cent each. They were followed by ONGC, Bajaj Finserv and HUL, gaining 1 per cent each. About 485 stocks hit upper circuit limits for the day and 215 stocks tested their 52-week highs during the day.
We have Binod Modi of Reliance Securities with us to share his views on the day’s action and the road ahead:
Welcome to the show, sir:
>> Markets turned cautious ahead of Fed’s meet outcome. What do you think is weighing the sentiment?
>> How should one play the FMCG and consumption theme, considering the spike in inflation.
We also caught up with Aditya Agarwala from YES Securities to decode the technical charts for you.
>> Nifty50 remained under pressure throughout the day. What are the key levels ahead?
>> Bank Nifty has remained a laggard for some time. What do the technical readings suggest?
Most Asian markets ended lower for the day. Major European markets were trading with mild gains 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!
