Coal India PAT rises 52% YoY to Rs 3,170 cr
Ambani eyes telecom biz in Netherlands
Fusion Microfinance seeks Sebi’s nod for IPO
Mahindra recalls 29,878 pick up vehicles
Exports up over 50% to $7.41 bn during August 1-7
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets repeated the previous day’s action and the benchmark indices settled in the green after recovering from afternoon blip. Weak global cues jittered trading sentiments. Buying in IT and financial counters saved the day, whereas metal and PSU banks were hammered. BSE Sensex traded in a range of 470, before settling just above the 52,550 mark, about 150 points higher. The Nifty50 pack added 22 points to end the day at 16,280, about 80 points below day’s high. However, broader markets continued to underperform, with the BSE midcap index declining one per cent and smallcap index giving up over 2 per cent. Fear gauge India VIX jumped a per cent.
Bharti Airtel gained 4 per cent, leading the gainers on BSE Sensex, followed by Tech Mahindra that jumped 3 per cent. HDFC and Kotak Mahindra Bank surged 2 per cent each. M&M, HCL Tech, Infosys and Axis Bank added a per cent each. On the flip side, Tata Steel tanked 3 per cent. Power Grid, NTPC, ITC, Bajaj Auto and SBI shed 2 per cent each. Bajaj Finserv, Maruti, Dr Reddy’s Labs and IndusInd Bank gave up to a per cent each. Over 230 stocks hit upper circuit limits for the day, whereas about 55 stocks hit lower circuits. About 70 stocks tested their 52-week highs during the day.
We have Gaurav Garg from CapitalVia Global Research with us to share his views on the day’s action and the road ahead:
Welcome to the show, sir:
1. What led to a sharp rally in markets today?
2. Broader markets are not performing. Do you think money is moving back to largecaps?
We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.
1. Nifty50 was able to touch the 16,350 mark today. Where is it headed now?
2. Nifty Bank is looking strong. Do you see it leading the rally in the coming days?
Asian markets ended mostly higher 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!
