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1.46 million net subscribers added to EPFO in August
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And
Duty, taxes to lift solar tariffs next fiscal: Crisil
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets kicked off the new week with marginal gains. Benchmark indices snapped the four-day losing streak after erasing the early losses in a choppy trading session. Thanks to improved asset quality and business growth in Q2, private lenders saw strong buying. However, selling pressure in realty, auto, IT and FMCG shares weighed on the sentiments. BSE barometer, the Sensex, remained in the range of 955 points during the session. It gained about 150 points to close at 60,967, recovering more than 500 points from the day’s low. Its broader peer, Nifty50, settled at 18,125, merely 11 points higher. The NSE barometer breached 18,000 market during the day but made a comeback of more than 150 points and ended the day in green. The broader markets continued to bleed as BSE midcap and smallcap indices tanked 2 per cent each. Fear gauge India VIX rose slightly but did not break the 18-level.
ICICI Bank was the star performer on the BSE Sensex today as the private lender soared 11 per cent, whereas Axis Bank rallied 3 per cent. Dr Reddy’s Labs, SBI, M&M, Tech Mahindra, Sun Pharma and HUL were the other players, which managed to settle in green. Among the losers, Bajaj Finserv and Bajaj Auto tanked 3 per cent each. HCL Tech, Asian Paints, Maruti Suzuki, Nestle India and IndusInd Bank shed 2 per cent each. HDFC Bank, ITC, Titan, Reliance, Bajaj Finance, Power Grid and NTPC lost a per cent each. About 250 stocks hit upper circuit limits for the day and the over 320 stocks hit the lower circuit. More than 70 stocks tested their 52-week highs during the session.
We have Narendra Solanki of Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Banking has started performing well. Can it help the indices sustain higher levels?
2. Which are the sectors that you would like to avoid at this point in time?
We also caught up with Vijay Dhanotiya from CapitalVia Global Research to decode the technical charts for you.
1. What are the tech charts suggesting for Nifty50?
2. Nifty Bank was on a roll on Monday. What do charts suggest about it?
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!
