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Let us take a quick glance at what happened on the Dalal Street today.
Bears were dominating for the second day today as cyclical stocks and banks took a heavy beating, while weak global cues also played a spoilsport.
In the broader market, the cuts were deeper as selling pervaded throughout the midcap and smallcap space with investors booking some of the profits seen in recent weeks.
Some in the market saw the correction coming as the Nifty50 was trading well above the overbought zone and the recent rally had taken some investors by surprise. The magnitude of the selling in the market was visible in the extremely weak advance-decline ratio.
Within the Nifty pack, only 6 stocks ended in the green.
Tata Steel and Tata Motors fell over 5% each. Sun Pharma and Hindalco Industries declined about 4% each. UPL’s stock surged 7% on expectations of strong Q3 earnings.
In the broader market, Indiabulls Housing Finance, Rain Industries and L&T Infotech fell about 7% each on heavy profit booking by investors.
We caught up with Daljit Singh Kohli of Stockaxis.com to know his views on the market.
Welcome to the show, Mr Kohli
1) We saw a lot of weakness in the broader market today. Has the sentiment turned towards this space?
2) Should investors with a longer investment timeframe look at buying this recent dip in the market?
On technical charts, Nifty managed to close just above its support level of 14,250. We caught up with Sacchidanand Uttekar of Tradebull Securities to decode the charts.
Welcome to the show, Mr Uttekar
1) Nifty held up just above a crucial support level. Is the correction done or can we see more profit booking?
2) What is your view on Nifty Bank?
Globally, Asian markets ended mixed with Chinese stocks rising on strong December quarter GDP data. European markets were negative in the first few hours of trade. US stock futures were hinting at a negative start for 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!
