PSU banks likely to get capital support in Q4
E-way bills in Oct may surpass September levels
Amazon moves SC against NCLT order on Future Retail
CBDT issues refunds of Rs 92,961 cr
Festive season may see record smartphone sales
And
Employment may cross pre-Covid levels in Oct
Let’s take a quick glance at what happened on Dalal Street today.
The carnage on Dalal Street continued as domestic equity markets extended its losing streak to the consecutive third session. Benchmark indices wiped off the early gains as risk appetite of investors weakened and weaker global cues also dented the sentiments. Over the course of the past three sessions, investors’ notional wealth has eroded by Rs 8.3 lakh crore. The BSE barometer Sensex gyrated in the range of 1,130 points during the session. It gave up more than 335 points and closed around 60,925. Its broader peer, Nifty50, staged a 140 points recovery from the day’s low. It settled at 18,178, 89 points lower. The broader markets continued to bleed as BSE midcap and smallcap ended the session in red. Fear gauge India VIX eased over a percent, but remained over 18-level.
A fall of 5 per cent in Asian Paints and 3 per cent downside in Reliance and Infosys weighed on BSE Sensex. These were followed by Dr Reddy’s Labs, Tata Steel, TCS, Bharti Airtel and HCL Tech, which tanked 2 per cent each. IndusInd Bank, HUL, Bajaj Auto, Tech Mahindra and ITC shed up to a per cent each. On the other hand, Kotak Mahindra Bank led the gainers with a rise of 7 per cent. HDFC and ICICI Bank added 2 per cent each. NTPC, SBI and Axis Bank gained a per cent each. HDFC Bank, Sun Pharma and Bajaj Finserv were the only other players which settled in green. About 252 stocks hit upper circuit limits for the day and the same number of stocks hit the lower circuit. 48 stocks tested their 52-week highs during the session.
We have Vinod Nair from Geojit Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What caused the recent carnage on Dalal Street?
2. Should investors buy these dips or do you see more pain coming?
We also caught up with Vijay Dhanotiya from CapitalVia Global Research to decode the technical charts for you.
1. Nifty managed to hold above 18,000. What do technical charts suggest about it?
2. Nifty Bank showed some strength during the session. 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 in red 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!
