October services PMI logs strongest growth in decade
SBI Q2 profit surges 67% YoY, beats estimates
Promoter-investor tussle hits Spandana Sphoorty MFI
Ether scales $4,600 to hit record high
Adani Power gets nod to acquire Essar project
And
Fuel prices unchanged after seven days of hikes
Let’s take a quick glance at what happened on Dalal Street today.
Benchmark indices ended Samvat 2077 on a weak note, in an otherwise solid year for stocks, thanks to cautiousness ahead of the Fed policy outcome later in the day. The BSE Sensex shed 257 points to end at 59,772 odd level. Nifty faced selling pressure at 18,000 level, before closing the session at 17,829. Sun Pharma and IndusInd Bank shed 3 per cent each, Bharti Airtel, ICICI Bank and Kotak Mahindra Bank fell 2 per cent each, HDFC Bank, Titan and ITC were among many stocks that dropped over 1 per cent each. Declines overnumbered advances, even as 207 stocks hit their fresh 52-week highs for the day. Stocks hitting upper circuits stood at 323 against 180 that hit lower circuits for the day.
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. The market was cautious ahead of the Fed outcome. Do you think the Fed can spring a negative surprise?
2. Given the rally this Samvat, what are your return expectations from the forthcoming year?
We also caught up with Rohit Singre from LKP Securities to decode the technical charts for you.
1. The level of 18,000 is emerging as a key hurdle for Nifty50 for a few sessions. How are technical indicators placed?
2. Nifty Bank is seeing high volatility these days. Where can we see the short term bottom for the index?
Asian markets settled mostly lower for the day. Major European markets were trading up to 1 per cent in the first few hours of trade. US stock futures were trading 0.10 per cent lower, 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!
