-FM says burden of fuel excise cut entirely on Centre
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-Banks to stop collateral-free intra-day funding to brokers
-Close to tying up Rs 20,000 cr to fight rivals, says Vodafone Idea
-EEPC says steel prices likely to fall up to 15% in domestic market
Let us take a quick glance at what happened on Dalal Street today.
A fag-end selling sent benchmark indices lower on Monday, in what was a weak day for the broader market. Nifty50 saw selling pressure above the 16,400 level and ended the day at around 16,200 levels, down 51 points.
Sensex also eroded the entire session’s gains to end 38 points lower. Every three stocks on BSE fell for the day for every two that rose.
A total of 62 stocks hit 52 week lows; some 270-odd stocks hit their lower circuit limits. Steel stocks were worst hit, with the BSE Metals index plunging 8.3 per cent for the day after export duty hikes. OMC stocks ended mixed after a cut in excise duties on fuel.
Auto stocks such as Maruti Suzuki & M&M jumped 4 per cent. Key IT stocks also gained up to 1.3 per cent. Tata Steel, Ultratech, ITC, Power Grid and HDFC were the worst Sensex stocks, falling up to 12 per cent for the day.
We have Narendra Solanki, Head of Equity Research at Anand Rathi Shares & Stock Brokers to to share his views on the action and the road ahead:
Welcome to the show sir:
1) What led to the sharp volatility towards the fag end of the session?
2) What would be your advice to investors of steel stocks?
We also caught up with Milan Vaishnav, Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae to decode the technical charts for you.
1) Nifty50 has tested 16,400 a couple of times in the last two weeks. What are charts suggesting?
2. What is your take on Nifty Bank?
Asian markets settled mixed for the day. Major European markets were trading higher in the first few hours of trade. Also, US stock futures for June delivery were trading 0.7 per cent higher, signalling towards a positive 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!