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Let us take a quick glance at what happened on Dalal Street today.
Bulls took a breather on Dalal Street today as domestic equity markets settled marginally lower, snapping the three-day winning streak. Benchmark indices could not hold their gains, thanks to profit booking in banks, pharma and metals, which wiped out the afternoon gains. Unfavourable and weak global cues made the sentiments jittery. BSE Sensex shed merely 17 points to settle at 58,280. Nifty 50 retreated 16 points to close at 17,362. It could not hold on to 17,400 for long. Broader markets underperformed as BSE midcap and smallcap indices ended in red. Fear gauge India VIX eased by over a per cent, breaching 15-level.
On BSE Sensex, HDFC and Bharti Airtel led the gainers, surging over 2 per cent each. IndusInd Bank, ITC, Ultratech Cement, Nestle and Reliance added up to a per cent each. Asian Paints, Titan, Maruti, HDFC Bank and Bajaj Finserv also ended in green. On the other hand, Sun Pharma, Tech Mahindra and Axis Bank tanked up to 2 per cent each. HCL Tech, Infosys, TCS, L&T, Bajaj Finance, Tata Steel and ICICI Bank shed a per cent each. About 250 stocks hit upper circuit limits for the day, whereas more than 180 stocks hit the lower circuit. Over 100 stocks tested their 52-week highs during the session.
We have Ajit Mishra from Religare Broking to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What were the key factors behind the volatility in markets today?
2. Given the recent nervousness in the market, do you see a halt in IPO offerings in the short term?
We also caught up with Ashis Biswas of CapitalVia Global Research to decode the technical charts for you.
1. Nifty 50 was unable to hold to 17,400 levels. Where is it headed?
2. Nifty Bank remained under pressure. What do technical charts suggest about it?
Asian markets ended mostly higher for the day. Major European markets were trading lower in the first few hours of trade. US stock futures were mixed hinting towards a tepid 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!
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