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Let us take a quick glance at what happened on the Dalal Street today.
Stock market investors lost more than Rs 7 lakh crore on Monday as panic set in amid concerns over a new strain of the virus leading to fresh restrictions in European countries.
Benchmark Sensex tumbled 1,407 points to close at 45,554 points, while peer Nifty dropped 432 points to close at 13,328 points.
It was bloodbath across the board, as losers were more than four times the number of gainers on the BSE. BSE Midcap and BSE Smallcap indices shed more than 4 per cent each, as selling intensified in the broader market.
All the Sensex constituents closed in the red. Reliance dropped 2.64 per cent and ONGC tumbled more than 9 per cent as oil prices headed southwards on concerns over new coronavirus strain.
Is this just the start of a correction, or a temporary blip? To discuss this and more, we caught up with Nirali Shah, Senior Research Analyst, Samco Securities.
Welcome to the show, Nirali.
1) Is this the start of a correction or just profit booking?
2) Which sectors should investors cut losses or lock gains now?
3) The fall in the mid and small cap packs was quite intense, as compared to the benchmark indices. Is that pocket more vulnerable right now?
Technically, bears seem to have come on the forefront with Nifty witnessing Long Black Day kind of formation. Analysts believe this to be like a trend-changing fall for the near term.
We spoke to Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities, to understand how the pattern has changed on the charts.
Welcome to the show, Mr Gangadharan.
1) What is the Nifty chart telling you?
2) Is Bank Nifty more vulnerable to a correction than before at this point of time?
3) Technically, which stocks do you think could be value picks from a 1-2 months horizon, after the steep decline?
Elsewhere in Asia and Europe, stocks tumbled as the relentless spread of a new strain of the coronavirus led to a more stringent lockdown in the UK and a travel ban from many countries.
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!
