GNPAs of banks may decline to 6.9% by March
India opens inflight data market to UK firm
India to see higher salaries at 9.3% hike in 2022
India plans joint oil deals by refiners to cut import bill
Real estate prices likely to start recovering
And
Gold imports to rise further in coming months
Let’s take a quick glance at what happened on Dalal Street today.
Domestic equity markets settled lower for the second straight session as the investors sold off some of the recent winners. Dalal Street witnessed a widespread selling on Wednesday. Realty, Pharma, Metal and FMCG were hit the most, whereas PSU banks and Media stocks saved the day for investors. Investors have lost as much as Rs 6.6 lakh crore in just the last two sessions. The BSE barometer Sensex gyrated in the range of 775 points during the session. It tanked more than 450 points, but managed to close above 61,260. Its broader peer, Nifty50, was unable to hold 18,300. It settled at 18,266 after declining more than 150 points. The broader markets continued to bleed as BSE midcap and smallcap indices tanked 2 per cent each. Fear gauge India VIX spiked over 5 per cent, breaching 18-level.
Titan and HUL tanked 3 per cent each, leading the losers on BSE Sensex. They were followed by NTPC, L&T, Power Grid, Bajaj Finserv, M&M and Tata, which shed 2 per cent each. Sun Pharma, Bajaj Auto, Reliance, Infosys, Kotak Mahindra Bank and HDFC Bank gave up a per cent each. On the other hand, Bharti Airtel topped the gainers with a 4 per cent rise, followed by SBI which jumped 2 per cent. IndusInd Bank, Bajaj Finance, Axis Bank, ITC and HCL Tech were the only other scrips on the index which settled in green. About 215 stocks hit upper circuit limits for the day, whereas more than 290 stocks hit the lower circuit. More than 55 stocks tested their 52-week highs during the session.
We have Vikas Jain from Reliance Securities to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Do you think the market is in for a steep correction?
2. What should investors do with growth stocks?
We also caught up with Aditya Agarwala from Yes Securities to decode the technical charts for you.
1. Nifty could not manage to hold above 18,300. Where is it headed now?
2. What is your take on Bank Nifty ahead of the weekly expiry?
Asian markets settled mostly lower 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!
