India’s coronavirus cases see highest rise since December 13
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Centre likely to retain RBI’s inflation targeting band
Nazara IPO subscribed 3x on Day 1, Suryoday sees 31% bids
Petrol, diesel prices unchanged for 18th consecutive day
Let us take a quick glance at what happened on the Dalal Street today.
Wednesday proved to be the weakest day for domestic stocks in recent sessions, with nearly 2,150 out of 3,100 actively traded stocks ending lower. It was also the fourth straight session when benchmark indices ended lower, led by fears over the second wave of Covid in India. Investors were also jittery ahead of the outcome of a crucial Fed meet later in the day.
Sensex slipped below 50K level and ended the day down 562 points. Nifty closed the day just above 14,700, barely holding on to its 50-day moving average. Twenty six of 30 Sensex stocks ended lower. ONGC lost 5 per cent. NTPC, Sun Pharma and SBI fell nearly 3 per cent. Reliance declined 2 per cent.
We have G Chokkalingam, Founder & MD, Equinomics Research & Advisory, to share his views on the market.
Welcome to the show, Mr Chokkalingam
1) What should one expect from the Fed policy outcome later in the day?
2) With daily Covid cases on the rise again, which are the pockets where the risk-reward looks unfavourable?
We caught up with Aditya Agarwala, of YES Securities to decode the technical charts for you.
Welcome to the show, Mr Agarwala
1) Nifty is drifting towards its 50-day moving average. Any respite in sight?
2) Where is Bank Nifty headed?
Other Asian markets settled mixed; European markets were trading mostly lower in the first few hours of trade. US stock futures were hinting at a flat 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!
