Bank credit grows 6.48%; deposits by 10.16%
IOC expects 100% refinery run in a quarter
Bombay HC reserves order in ZEE’s civil suit
Chip shortage to hurt production, says Renault
And
Evergrande makes payment before deadline
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets continued their losing streak for the fourth straight session. Benchmark indices gave up their early gains, thanks to muted performance in Q2 so far. Positive global cues failed to boost the morale of investors, who were busy profit booking. Selling in metals, IT, pharma, media and FMCG stocks outcasted the gains of realty and private lenders. The BSE barometer Sensex remained in the range of 870 points during the session. It lost over 100 points to close at 60822. The index declined about 1,500 points during the week. Its broader peer, Nifty50, settled 63 points lower, at 18,115. The NSE barometer hit 18,600 during the week and shed about 500 points since then. The broader markets continued to bleed as BSE midcap and smallcap indices tanked a per cent each. Fear gauge India VIX eased about 3 per cent, slipping below 18-level.
On BSE Sensex, ITC tanked over 3 per cent, followed by Maruti Suzuki, Infosys and NTPC which shed 2 per cent each. HCL Tech, Tata Steel, M&M, Nestle, TCS, L&T and Asian Paints shed up to a per cent each. On the other hand, HDFC and Bajaj Auto jumped 2 per cent each. IndusInd Bank, Kotak Mahindra Bank and Axis Bank added a per cent each. Bajaj Finserv, Titan, Ultratech Cement, HUL, HDFC Bank and ICICI Bank also rose significantly. More than 240 stocks hit upper circuit limits for the day and the over 300 stocks hit the lower circuit. About 50 stocks tested their 52-week highs during the session.
We have Arijit Malakar of Ashika Stock Broking to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Market gave up early gains. What were the reasons behind this?
2. Do you see more pain in broader markets?
We also caught up with Nilesh Jain from Centrum Broking to decode the technical charts for you.
1. Nifty 50 did not breach 18,000 levels. What is your take on it?
2. Nifty Bank outperformed Nifty50. Where is it headed?
Asian markets settled mostly higher 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!
