April-September fiscal deficit touches $70.4 billion
Chinese exporters may incur Rs 50,000 cr loss
Jio refuses 4 year spectrum, AGR moratorium
HC adjourns Invesco’s appeal in ZEE case
And
Government approves 8.5% interest rate on EPF for fiscal year 2021
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets extended their weakness on Friday as the selloff intensified in the second half of the session. Constant outflows of foreign investors after downgrade from global brokerages from Indian equities has added to the woes of traders. Weaker global cues hit hard. Selling in IT, financials and private lenders weighed on the sentiments. The BSE barometer Sensex tanked about 680 points to settle just about 59,300. It has shed about 2,000 points in just the last two sessions. Its broader peer, Nifty50, settled at just above 17,670 mark as the NSE barometer bled over 185 points. It has slipped more than 530 points during the last two trading sessions. The broader markets outperformed the headline peers. BSE midcap index ended higher but BSE smallcap index ended in red. Fear gauge India VIX eased about 3 per cent.
On BSE, Tech Mahindra tanked 4 per cent, followed by a 3 per cent fall in NTPC, IndusInd Bank, Kotak Mahindra Bank and L&T each. Reliance, Axis Bank, Infosys, HDFC and Sun Pharma shed 2 per cent each. Bajaj Finance, Bajaj Finserv, ITC, HCL Tech, TCS, Asian Paints, HDFC Bank and Power Grid shed a per cent each.
AMong gainers, Ultratech Cement jumped 3 per cent, while Dr Reddy’s Labs gained 2 per cent each. Maruti, Tata Steel and Titan added a per cent each. ICICI Bank, Bajaj Auto, Nestle, SBI, HUL and M&M were other shares ending in green. Over 230 stocks hit upper circuit limits for the day and more than 220 stocks hit the lower circuit. About 40 stocks tested their 52-week highs during the session.
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 were the reasons behind the sharp selloff today? Do you see more downside ahead?
2. What are the factors that may guide markets in November?
We also caught up with Nirav Chheda from Nirmal Bang Securities to decode the technical charts for you.
1. The Nifty breached 17,650 level during the day. Where is it headed?
2. Nifty Bank has been under pressure. What do technical charts suggest?
Asian markets settled mostly higher for the day. Major European markets were trading lower in the first few hours of trade. US stock futures were down hinting towards a negative 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!
