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Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets scripted history on Friday and settled at record high levels. Despite mixed global cues, buying was seen in all the sectors, led by metals, pharma and capital goods sector.
Investors globally are awaiting the Fed Chair’s speech at the Jackson Hole Economic Symposium later in the evening. BSE Sensex traded in a range of 500 points, but ended at 56,126, about 175 points higher. Nifty50 extended its gains to straight fifth session. The NSE Barometer added 68 points to end the week at just about 16,700 mark for the first time. Broader markets performed as BSE midcap and smallcap indices added a per cent each. Fear gauge India VIX eased a per cent.
On BSE Sensex, Ultratech Cement jumped 4 per cent, whereas L&T gained 3 per cent. Dr Reddy’s, Bajaj Finserv and Sun Pharma added 2 per cent each. TCS, Bharti Airtel, Kotak Bank and Axis Bank ended a per cent higher each.
On the other hand, Infosys, IndusInd Bank, M&M dropped a per cent each. Nestle, HCL Tech and HDFC Bank declined up to half a per cent each. Over 375 stocks hit upper circuit limits for the day, whereas more than 180 stocks hit the lower circuit. About 65 stocks tested their 52-week highs during the session.
We have Arijit Malakar from Ashika Stock Broking to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What were the factors that led to the recovery in the markets?
2. What do you expect from Powell’s speech later in the evening?
We also caught up with Nilesh Jain of Centrum Broking to decode the technical charts for you.
1. Nifty50 extended its gains for the straight fifth session. Where is it headed?
2. What is your take on Nifty Bank as it has remained an underperformer for quite long?
Asian markets ended mixed with cuts for the day. Major European markets were trading lower in the first few hours of trade. US stock futures were higher hinting towards a positive 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!
