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Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Bhaskar Dutta and here are the top headlines at this hour.

– India Inc must think outside of sops says CII
– India eases rules to tackle coal crisis
– No troops being sent to Sri Lanka says India
– Zero Covid policy not sustainable says WHO
– Airbus to ramp up hiring in India
– India defends move to seeking VPN user info

Let’s take a quick glance at what happened on Dalal Street today.

Domestic equity markets extended their losing streak to the fourth straight day on Wednesday, with heavy selling pressure in IT stocks dragging down headline indices.

Mirroring the moves of the previous session, markets started off on a strong footing and then went on to surrender all gains as a combination of factors including aggressive rate hikes by central banks, both home and abroad, and a volatile rupee kept investors on edge.

Based on the market capitalization of BSE-listed stocks, Wednesday’s fall in share prices rendered investors poorer by Rs 2 lakh crore. Over the past month, domestic stocks have eroded Rs 28 lakh crore worth of investor wealth.

Apart from IT, auto, FMCG and consumer durables counters also witnessed selling pressure.

The 30-share pack Sensex declined 276 points or 0.51 per cent to close at 54,088. Its broader peer, NSE Nifty, dropped 73 points to settle below the 16,200 mark.

The BSE Midcap index fell in line with the headline index even as the Smallcap index suffered a much larger fall, shedding 2 per cent.

Key midcap and smallcap indices have entered a bear grip, falling over 20 per cent from their all-time high levels. Fear gauge India VIX rose 2 per cent to end at 22.80.

On the 30-pack BSE Sensex, 20 stocks declined. L&T, Bajaj Finserv, Bajaj Finance, Power Grid and NTPC each gave up 2 per cent. Axis Bank gained 2 per cent, followed by IndusInd Bank, HDFC and Kotak Mahindra Bank which each gained 1 per cent. HDFC Bank rose 0.5 per cent.

10 stocks hit upper circuits while two hit lower circuit limits. 17 stocks touched 52-week highs while 265 hit 52-week lows.

We have Arijit Malakar from Ashika Stock Broking to share his views on the action and the road ahead. Welcome to the show sir:

1. For the second straight day markets gave up early gains and settled lower. How much more of a downside are you expecting in headline indices?
2. What is your outlook on corporate earnings growth, given the headwinds of high inflation and growth risks?

We also caught up with Brijesh Bhatia from Equitymaster to decode the technical charts for you.

1. The Nifty50 settled below the 16,200 level. What do the technical charts suggest about it?
2. Over the last couple of days, Bank Nifty has been rising even though the Nifty50 has declined. What is your outlook on the sector?

Asian markets mostly ended higher. Major European markets were trading with strong gains in the first few hours of trade. Meanwhile, US stock futures were up, signalling a firm 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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