Vodafone Idea and L&T tie up for smart city solutions
Nykaa, Adani Wilmar, Star Health, 3 others get Sebi’s go-ahead for IPOs
India urges WTO to consider escape clause
GR Infra’s InvIT likely next year, $2 billion enterprise value eyed
IPO bound Sterlite Power bags Rs 324-cr project
And
Finance Minister Nirmala Sitharaman says not ending stimulus but oil is a worry
Let us take a quick glance at what happened on Dalal Street today.
Despite the weaker global cues, domestic equity markets kicked off the week on a higher note. Benchmark indices extended their winning streak to straight seventh session, climbing new lifetime peaks. Investor’s wealth zoomed over 12 lakh crore. Strong buying action in metals, banks and IT led the rally, whereas pharma and media remained laggards. The BSE barometer Sensex added 460 points to close just at 61,765. However, it is less than 40-odd points shy of hitting the 62,000 mark during the day. Its broader peer, Nifty50 gained about 140 points to close above 18,475. It topped 18,500-mark during the day. The broader markets settled in green but the BSE midcap index gained a per cent. Fear gauge India VIX spiked wildly 9 per cent, breaching 17 level once again.
On the BSE Sensex, Infosys surged 4 per cent, leading the gainers. It was followed by Tech Mahindra and Tata Steel jumped 3 per cent each. ICICI Bank, ITC, Maruti Suzuki and SBI gained 2 per cent each. Axis Bank, Titan, Bajaj Finserv and TCS added a per cent each. Among the losers, HCL Tech and M&M, Dr Reddy’s Labs and Asian Paints tanked up to two per cent each. Bajaj Auto, HDFC Bank, Bharti Airtel and Sun Pharma shed a per cent each. Over 420 stocks hit upper circuit limits for the day, whereas more than 265 stocks hit the lower circuit. About 210 stocks tested their 52-week highs during the session.
We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What are factors leading to the ongoing rally in the markets?
2. Should one be cautious about the frothy valuations in the equities?
We also caught up with Nirav Chheda from Nirmal Bang Securities to decode the technical charts for you.
1. Nifty 50 topped 18,500 during the session. What do technical charts suggest?
2. Nifty Bank was merely a few points away from the 40,000 mark. Where is it headed?
Asian markets settled mixed for the day. Major European markets were trading mostly lower in the first few hours of trade. US stock futures were down 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!
