NCLT puts on hold Future Retail shareholders meeting
Uday Kotak calls for an end to easy monetary policy
L&T arm bags orders worth Rs 2,500 cr
Cadila to supply 1 crore doses of ZyCoV-D to govt
Fuel price cut to help RBI restrain inflation
And
Global Covid-19 cases hit 250 million
Let’s take a quick glance at what happened on Dalal Street today.
Domestic equity markets kicked off the new samvat and the week on a positive note as both benchmark indices recovered from their early losses and ended higher. Investors added Rs 2.45 lakh crore to their notional wealth during the session. Risk appetite among investors remained strong as the Indian markets caught up with the bullish global equities. Banking and pharma shares weighed on the sentiments whereas consumer durables, power, oil and gas and utility sectors settled higher. The BSE barometer Sensex jumped about 480 points to settle close to 60,550. Among its broader peers, Nifty50 gained more than 150 points to close a couple of points below 18,070 mark. Broader markets ended higher, outperforming the headline peers. BSE midcap and smallcap indices ended a per cent higher each. Fear gauge India VIX jumped about 4 per cent but stayed below 17-level.
On BSE, Titan soared 5 per cent, followed by a 4 per cent rise each in Ultratech Cement, Bajaj Finserv and Tech Mahindra. Kotak Mahindra Bank and HDFC jumped 3 per cent, whereas NTPC, Power Grid and Bajaj Finance added over 2 per cent each.
Among the losers, IndusInd Bank bled 11 per cent. M&M tanked 2 per cent, whereas SBI, Maruti Suzuki and Asian Paints settled a per cent lower. Axis Bank, ICICI Bank, TCS and HCL Tech also ended the day in red. More than 400 stocks hit upper circuit limits for the day and about 210 stocks hit the lower circuit. Over 140 stocks tested their 52-week highs during the session.
We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What were the key reasons behind today’s rally?
2. This is a busy week for primary market investors. How should investors position themselves?
We also caught up with Nirav Chheda from Nirmal Bang Securities to decode the technical charts for you.
1. Nifty50 once again scaled 18,000 mark today. What is your take on it?
2. Nifty Bank was under pressure today. Where is it headed?
Asian markets settled mostly lower for the day. Major European markets were trading with cuts 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!
