Maruti reports Q1 PAT of Rs 441 cr, margin at 4.8%
Nestle India Q2 profit rises 11% YoY to Rs 539 crore
Rakesh Jhunjhunwala plans 70 planes for new airline venture
Airtel raises minimum prepaid plan to Rs 79
Depositors to get Rs 5 lakh deposit insurance amount within 90 days
Unclaimed funds with banks, insurers near Rs 50,000 crore
Let us take a quick glance at what happened on Dalal Street today.
Despite the fag-end buying, domestic benchmark indices extended their losses to third straight session, ending the day in the red. Markets are awaiting the outcome of the Fed’s meeting. Chinese clampdown on tech firms further jittered sentiments. Telecom and metals stocks were in demand, but selling in banking and financial counters weighed on the sentiments. BSE Sensex declined 135 points, before closing at 52,444. Nifty50 shed 37 points, but managed to close above the 15,700 level. BSE midcap index ended flat, but smallcap index declined half a per cent. Fear gauge India VIX jumped 3 per cent.
On BSE Sensex, Kotak Mahindra Bank tanked 3 per cent. Dr Reddy’s Labs, M&M, Power Grid, HDFC Bank and NTPC each declined 2 per cent. Nestle, Maruti Suzuki, Axis Bank, HCL Tech, SBI and Reliance shed up to a per cent each. On the flip side, Bharti Airtel surged 5 per cent, whereas Tata Steel jumped 3 per cent. IndusInd Band gained 2 per cent. Bajaj Finserv, ICICI Bank and Ultratech Cement added a per cent each. Over 430 stocks hit upper circuit limits for the day and about 150 stocks tested their 52-week highs during the day.
We have Binod Modi from Reliance Securities with us to share his views on the day’s action and the road ahead:
Welcome to the show, sir:
1. What are your expectations from the Fed’s FOMC meeting later in the evening?
2. What led to market recovery in the second half of the session?
We also caught up with Aditya Agarwala of YES Securities to decode the technical charts for you.
1. The Nifty 50 index managed to settle above the 15,700 mark. What do the technical charts suggest?
2. Nifty Bank has been under pressure of late. Where is it headed?
Asian markets ended lower for the day. Major European markets were trading higher in the first few hours of trade. US stock futures were up hinting towards a positive 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!
