Ford Motor to cease production in India, 4,000 jobs to be impacted
In case of the Future Retail-RIL deal, the Supreme Court asks NCLT, CCI and Sebi not to pass final orders for 4 weeks
Indian banks’ bounce rates lowest in August
1.9 million jobs lost in August, says CMIE
Jio-BP tie up with BluSmart for EV chargers
Government gives final approval to privatise 13 airports
Let us take a quick glance at what happened on Dalal Street today.
After a tepid trade for a couple of days, domestic benchmark indices were back in green on Thursday, despite volatile trading. However, the gains were marginal, thanks to selling in banking and financial stocks. Mixed global cues also added to the woes. Traders remained cautious ahead of key policy decisions. BSE Sensex added 550 points, settling just above 58,300. Nifty50 added 20-odd points to end the week at 17,373, just 5 points belows the day’s high. Broader markets outperformed as the BSE midcap and smallcap indices added up to half a per cent each. Fear gauge India VIX eased over three per cent, breach 14-level.
On BSE Sensex, Bharti Airtel gained 3 per cent and Nestle jumped 2 per cent, the most among the gainers. Tata Steel and Bajaj Finserv added over a per cent each. HCL Tech and ITC surged up to a per cent. NTPC, TCS, Asian Paints and Tech Mahindra posted decent gains. On the other hand, Titan, Ultratech Cement and Bajaj Auto tanked up to a per cent each. HDFC Bank, Axis Bank, Bajaj Finance and M&M shed over half a per cent each. Over 360 stocks hit upper circuit limits for the day, whereas about 170 stocks hit the lower circuit. About 90 stocks tested their 52-week highs during the session.
We have Vinod Nair from Geojit Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Is it a buy on dips market? How much percentage fall do you see in indices, if at all, going ahead?
2. Do you think investors may not have an appetite for richly valued IPOs going ahead, given the weakness in the broader market?
We also caught up with Rajesh Palviya of Axis Securities to decode the technical charts for you.
1. Nifty was a bit range bound despite the weekly expiry. Why so?
2. Do you think Nifty Bank can make a comeback?
Asian markets ended mixed 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!