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Let us take a quick glance at what happened on Dalal Street today.
Benchmark indices on Wednesday staged a smart intraday recovery, but the broader market bled despite BSE’s clarification on additional price surveillance measures.
Weak market breadth was a cause of worry, with two of every three stocks that traded on Wednesday ending lower. Volatility was high with close to 530 stocks hitting lower circuit limits during the day.
It was all captured in up to 1 per cent fall for smallcap and midcap indices for the day. Sensex ended up with a marginal loss of 29 points, thanks to buying in stocks such as Tata Steel, Reliance Industries and NTPC. Nifty50 in fact ended in the black.
We have Vikas Jain, Senior Research Analyst at Reliance Securities with us to share his views on the day’s action and the road ahead:
Welcome to the show, sir:
1. What is spooking midcap and smallcap stocks?
2. What would be your advice to investors of these second-rung stocks?
We also caught up with Aditya Agarwala of YES Securities to decode the technical charts for you.
1. Is 16,300 the new 15,900? How difficult would it be for the index to breach the resistance and what upside do you see when it eventually breaks it?
2. What is your take on Nifty Bank?
Asian markets ended mixed for the day. Major European markets were trading higher in the first few hours of trade. US stock futures were trading flat, hinting towards a muted 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!
