Sensex, Nifty scale new lifetime highs
Centre receives Rs 6,000-crore investment proposal for PLI in white goods
Sharp fall likely in govt revenue from telecom companies
SBI cuts home loan interest rate to 6.7%
India may corner nearly half of global rice trade
Southwest monsoon unlikely to retreat from northwest India by September-end
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets extended their gains on Monday, scaling new lifetime highs, thanks to the favourable policy decisions from the government. PSU stocks were abuzz ahead of FinMin’s media conference later in the evening. Buying in telecom and banking stocks saved the day, whereas IT stocks were under pressure. Equity investors grew richer by Rs 1.1 lakh crore during the session. BSE Sensex added about 420 points to close at 59,150. It climbed Mount 59,000 for the very first time. Nifty50 gained 110 points to end the day at 17,630. The index settled just 15 points below its day’s high. Among the broader markets, BSE midcap and smallcap indices underperformed, but managed to settle in the green. Fear gauge India VIX jumped 5 per cent.
On BSE Sensex, IndusInd Bank and ITC zoomed 7 per cent each, leading the gainers. SBI soared 4 per cent. Reliance, Kotak Mahindra Bank and ICICI Bank jumped 2 per cent each. Axis Bank, Bajaj Auto, Power Grid and HDFC Bank added a per cent each. On the other hand, TCS, Tata Steel, Tech Mahindra and Bharti Airtel shed over a per cent each. HCL Tech, Dr Reddy’s Labs, Ultratech Cement and Infosys gave up to a per cent each. Over 390 stocks hit upper circuit limits for the day, whereas more than 155 stocks hit the lower circuit. About 140 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. Equity markets scaled new highs on Thursday. What is driving the rally?
2. What is your take on midcap and smallcap stocks?
We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.
1. What do the technical charts suggest about Nifty 50?
2. Nifty Bank strongly outperformed the markets. Where is it headed now?
Asian markets settled mostly lower for the day. Major European markets were trading higher 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!
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