Hindalco posts Q1 profit of Rs 910 cr, sales surge 79%
Amazon wins SC case restraining merger between Future and Reliance
RBI Governor Das praises govt on retro tax move
RBI may come with digital currency’s model by year end
India’s trade deficit with China dips to $44 bn
Let us take a quick glance at what happened on Dalal Street today.
Bulls were on the backfoot during the eventful session on Friday as the domestic equity market snapped the winning streak and ended the week in the red. The Supreme Court’s verdict in favour of Amazon was a major setback for Reliance, which dragged the benchmark indices lower. RBI, maintaining the status quo, signalled about inflation picking up and turned investors cautious. Global cues, too, did not support the sentiments. BSE Sensex shed 215 points before settling at 52,278. The Nifty50 pack gave up 56 points to end the week at 16,238. However, broader markets continued to underperform. Broader markets outperformed, with BSE midcap and smallcap index posting mild gains. Fear gauge India VIX eased 2 per cent, breaching 13-level.
On BSE Sensex, Reliance and Ultratech Cement led the losers, declining 2 per cent each. SBI, Tata Steel, HDFC, L&T, Axis Bank, Nestle and HCL Tech shed over a per cent each. On the contrary, IndusInd Bank surged over 3 per cent. Bharti Airtel, Tech Mahindra, Maruti Suzuki, NTPC and Bajaj Auto added up to a per cent each. About 340 stocks hit upper circuit limits for the day and over 90 stocks tested their 52-week highs during the day.
We have Arijit Malakar from Ashika Stock Broking to share his views on the day’s action and the road ahead:
Welcome to the show, sir:
1. What are the key takeaways from RBI outcome for domestic investors?
2. Do you think a change in the government’s stance on retro taxes will give a boost to its divestment plans?
We also caught up with Nilesh Jain of Centrum Broking to decode the technical charts for you.
1. What do the weekly charts suggest about the Nifty50?
2. Bank Nifty remained rangebound during the session. Where is it headed?
Asian markets ended lower for the day. Major European markets were trading mixed 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!
