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Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets ended flat on Wednesday as profit booking in the latter half wiped out all early gains. Majority of the sectors declined but the IT and FMCG sectors saved the day. Investors booked profits despite supportive global cues. BSE Sensex snapped the two-day winning streak, whereas its NSE counterpart Nifty50 managed to close marginally higher. Sensex gyrated in the range of 300 points, but settled below 55,950, shedding only 15 points. However, Nifty50 edged up only 10 points to settle at 16,635. Broader markets outperformed as BSE midcap and smallcap indices gained about half a per cent each. Fear gauge India VIX jumped over 2 per cent.
On BSE Sensex, Bajaj Finserv led the losers, declining 4 per cent, whereas Titan shed 2 per cent. Maruti, Bharti Airtel, Tata Steel, Axis Bank, Ultratech Cement and L&T gave up a per cent each. On the other hand, TCS, Infosys and Reliance added up to a per cent each. Nestle, ITC HUL, HDFC and HCL Tech were the only other stocks which were able to settle in green. Over 425 stocks hit upper circuit limits for the day, whereas more than 215 stocks hit the lower circuit. About 50 stocks tested their 52-week highs during the session.
We have Vikas Jain from Reliance Securities to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Benchmark indices could not hold early gains. Why so?
2. How should investors position themselves amidst the current volatility?
We also caught up with Aditya Agarwala of Yes Securities to decode the technical charts for you.
1. Where do you see the expiry of the August series for Nifty50?
2. Nifty Bank again underperformed. Where is it headed?
Asian markets ended mostly higher for the day. Major European markets were trading mixed in the first few hours of trade. US stock futures were flat hinting towards a mild 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!