Sony comes to Zee Entertainment’s rescue, signs term sheet for merger
Voda Idea boss calms frayed nerves, says funding to come soon
Semiconductor market to grow by 17.3%: IDC
Ola’s entry triggers price war in EV space
Govt extends Uday Kotak’s term as non-executive chairman of debt ridden IL&FS
Tata Power to raise up to $750 mn for green business
And
Commerce and Industry Minister Piyush Goyal launches National Single Window System for investors, businesses
Let us take a quick glance at what happened on Dalal Street today.
The domestic equity market witnessed a choppy session on Wednesday and settled in red. Investors are awaiting the US Fed meeting outcome later in the day and more clarity on Evergrande debt crisis in China. Media stocks were in focus, thanks to the ZEE-Sony merger deal, followed by realty players but banking and financial counters added pressure. BSE Sensex, which traded in a tight range of 300 points, shed merely 80 points to settle below the 59,000 mark. Nifty50 could not hold about 17,600 level and shed 15 points to end the day below 17,547. Broader markets outperformed as BSE midcap and smallcap indices added over a per cent each. Fear gauge India VIX eased marginally.
On the BSE Sensex, Tech Mahindra soared the most, 4 per cent, whereas M&M gained 2 per cent. HCL Tech, Bajaj Auto, Reliance and Tata Steel jumped over one per cent each. ITC, Maruti Suzuki and Sun Pharma were up by a per cent each. On the other hand, HDFC, Nestle, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, HUL and Axis Bank shed up to a per cent each. L&T and Bajaj Finance declined significantly. Over 355 stocks hit upper circuit limits for the day, whereas about 160 stocks hit the lower circuit. 100 stocks tested their 52-week highs during the session.
We have Mitul Shah from Reliance Securities to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What should one expect from the Fed’s FOMC meeting later in the evening?
2. Broader markets outperformed larger peers. Should investors be cautious about midcaps and smallcaps?
We also caught up with Aditya Agarwala of Yes Securities to decode the technical charts for you.
1. Nifty50 could not hold above 17,600. Where is it headed now?
2. Nifty Bank underperformed today. What is your take on it?
Asian markets settled mixed for the day. Major European markets were trading with gains in the first few hours of trade. US stock futures were up 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!
