Sensex scales 56,000 for the first time ever
India ideally placed to attract businesses looking to move out of China, says Finance Minister Nirmala Sitharaman
Crisil upgrades India Inc’s credit outlook to ‘positive’
Key Indian property markets including Mumbai, Bangalore and Delhi continue to see a decline in prices, says a Knight Frank study
HDFC Bank chief Sashidharan Jagdishan says bank will regain lost ground on credit cards
HCL Tech signs five year deal with Germany’s Wacker Chemie AG
And
Domestic LPG prices hiked by Rs 25
Let us take a quick glance at what happened on Dalal Street today.
After scaling new lifetime highs, domestic equity markets lost momentum in the second half and ended lower. Selling in banking, financial and select metal stocks dragged the indices lower, snapping their winning streak. During the day, BSE Sensex scaled up to 56,000 for the first time and Nifty 50 touched 16,700. However, Sensex settled about 500 points lower than the day’s high at 55,629. Nifty50 could not hold on to 16,700 and ended the day at 16,569, about 46 points lower. BSE midcap index gained but the smallcap index ended in red. Fear gauge India VIX eased 4 per cent.
Private lenders including Kotak Mahindra Bank and ICICI Bank led the losers on BSE Sensex declining 2 per cent each. Power Grid, HDFC, IndusInd Bank, Axis Bank, Maruti and HCL Tech shed up to a per cent each. However, Ultratech Cement, Bajaj Finance and Bajaj Finserv saved the day, gaining 2 per cent each. Nestle and Bajaj Auto added a per cent each. Reliance, Titan, HUL and TCS were the only other stocks which ended the day in green. Over 220 stocks hit upper circuit limits for the day, whereas more than 370 stocks hit the lower circuit. About 90 stocks tested their 52-week highs during the session.
We have Binod Modi of Reliance Securities to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What led to the reversal in market gains in the second half?
2. Which sectors do you find attractive? How should investors approach them?
We also caught up with Aditya Agarwala of YES Securities to decode the technical charts for you.
1. Nifty 50 could not sustain above 16,700. Where is it headed?
2. Nifty Bank remains under pressure. What do the technical charts suggest?
Asian markets ended higher for the day. Major European markets were trading with gains in the first few hours of trade. US stock futures were 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!
