S&P puts Tata Group cos on Credit Watch with +ve implications
FM to launch AIF for small and mid-sized EoUs tomorrow
CarTrade has a tepid debut, stock falls 7% on listing day
BofA Securities says Nifty may fall back to 15K in near term
Listed developers’ net debt levels fell 37% post-Covid, says Report
And
Many Indian cos slip in Hurun global valuation ranking; highest ranked RIL slips 3 places
Let us take a quick glance at what happened on Dalal Street today.
Minor downtick on Sensex and Nifty failed to reflect Rs 2.75 lakh crore losses suffered by investors on Friday, as three out of every four stocks on stock exchanges ended lower for the day. Nearly 470 stocks hit their respective lower circuits while 46 revisited their 52-week lows, as investors digested talks of Fed taper that sent stocks and commodities tumbling globally for two days.
Sensex ended the day down 300 points at 55,329. Nifty closed at 16,5451 level. Broader midcap and smallcap indices showed pain and were down up to 2.4 per cent.
Demand for defensive plays such as Hindustan Unilever, Asian Paints, Nestle India and ITC was high as the stocks gained up to 6 per cent. Beta plays such as Tata Steel, SBI, Kotak Bank and L&T declined up to 8 per cent. CarTrade had a forgettable debut. The stock fell 7 per cent on its listing day.
We have Tanushree Banerjee- Co-Head Research at Equitymaster to share her views on the day’s action and the road ahead:
1. Can the ongoing correction in Nifty50 extend further ? What should investors do?
2. With IPOs not delivering listing gains, the retail sentiment has been hit badly. Do you see it impacting demand for upcoming IPOs?
We also caught up with Mehul Kothari, AVP for Technical Research at Anand Rathi Shares and Stock Broker to decode the technical charts for you.
1.NIfty saw follow-up selling to Wednesday’s Dark Cloud Cover. Do you see it as a sign of weakness?
2. Do you think Nifty Bank may extend its underperformance? What are the charts suggesting?
Asian markets ended mostly lower for the day. Major European markets were down in the first few hours of trade. US stock futures were hinting towards 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!
