– Shriram Group announces succession plan
– SC to decide Mallya’s punishment in January
– India’s budget deficit may swell to 7%
– SC lifts freeze on Dish TV; AGM postponed
– Musk’s Starlink halts pre-booking in India
And
– Moody’s says outlook for Indian banks is stable
Let’s take a quick glance at what happened on Dalal Street today.
The domestic equity market continued on its roller coaster ride on Tuesday as the benchmark indices traded in a wide range. However, they settled lower as worries over the Omicron variant kept traders on the edge. WHO and the CEO of Moderna too raised concerns over the new virus. The pessimism pushed the panic button among the traders and the selloff dragged the markets in negative territory. The BSE barometer gyrated in a range of 1,300 points. The index shed about 200 points to settle 65 points above the 57,000 mark. Its broader peer, Nifty50, shed over 70 points to settle below the 17,000 mark, ending November at 16,983. The index had breached 17,300 level during the session. Broader markets outperformed the headline peers as BSE midcap and smallcap indices settled in green, with the latter rising over a per cent. Fear gauge India VIX rose about 2 per cent, crossing 21 level.
On BSE Sensex, Tata Steel tanked 4 per cent, followed by a 3 per cent fall in Kotak Mahindra Bank. Bajaj Auto and M&M shed 2 per cent each. Airtel, Reliance, IndusInd Bank, Maruti, SBI, Dr Reddy’s Labs, ICICI Bank and HDFC Twins gave up a per cent each. On the other hand, Power Grid zoomed over 3 per cent, followed by a 2 per cent rise in Titan and Bajaj Finserv each. Nestle, Bajaj Finance, Infosys, Axis Bank, TCS, NTPC and HCL Tech gained a per cent each. More than 270 stocks hit upper circuit limits for the day and the about same number of stocks hit the lower circuit. More than 50 stocks tested 52-week highs during the session.
We have Ajit Mishra from Religare Broking to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Do you think the volatility in the market is here to stay?
2. As many as 10 cos have plans to hit the market with their IPOs next month. Given the volatility, do you expect a rethink by the companies?
We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.
1. Nifty 50 witnessed profit booking at 17,300. Where is it headed?
2. India VIX is holding at 20 levels now. What is your take on it?
Asian markets settled lower for the day. Major European markets were trading with cuts in the first few hours of trade. US stock futures were down 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!
