Domestic equity benchmarks snapped a four-day losing streak, ending the week on a stronger note. Buying in heavyweights such as ICICI Bank, Reliance and SBI helped the indices build on gains in the last one hour of trade. Traders awaited US job data for clues on the US central bank’s monetary policy going forward. Sensex settled just below 52,500, adding 166 points. Nifty50 gained 42 points to close at 15,722. The BSE midcap index ended with a mild gain and the smallcap gauge gained over one per cent. Fear gauge India VIX eased nearly 6 per cent.
On Sensex, ICICI Bank and Reliance led the gainers, adding 2 per cent each. They were followed by SBI, Titan, HDFC and Axis Bank, which rose a per cent each. On the flipside, Tata Steel tanked over 2 per cent and Power Grid declined over a per cent. Bajaj Auto, Asian Paints and Sun Pharma shed up to a per cent each.
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, Mr Malakar:
1. Do you think Q1 earnings ahead will help the market come out of consolidation? What are your broader expectations this time?
2. What are your top sectoral bets to play the reopening theme?
We also caught up with Nilesh Jain from Centrum Broking to decode the technical charts for you.
1. What do the weekly charts suggest for Nifty50?
2. Nifty Bank has been unable to support the market. What do technical charts suggest?
Asian markets ended mixed for the day. Major European markets were moving higher in early trade. US stock futures were hinting at a flat start on Wall Street 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!
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