Market Watch: Is Dalal Street headed for a steep correction? | The Economic Times Markets Podcast

0
28
Market Watch: Is Dalal Street headed for a steep correction? | The Economic Times Markets Podcast


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

Sensex’s longest weekly run since 2009 ends
Biocon Q3 net profit falls 19 pc to Rs 186.6 crore
IL&FS says it has addressed debt worth Rs 32,000 crore
RBI paper proposes new regulatory framework for NBFCs, 4-tier structure
Yes Bank posts net profit of Rs 151 cr in Q3

Let us take a quick glance at what happened on the Dalal Street today.

A global selloff and weakness in the banking and financials pack at home sent benchmark indices tumbling on Friday. Sensex lost the 49,000-mark, slipping 746 points. The NSE Nifty ended below 14,400.

A total of 25 of 30 Sensex stocks ended lower.

Axis Bank and Asian Paints plunged 4 per cent each. IndusInd Bank, SBI and ICICI Bank declined 3-4 per cent. Bajaj Finance, HDFC, Tech Mahindra, NTPC, Reliance Industries and ONCG were some other stocks which ended up to 3 per cent lower.

In the broader market, Biocon plummeted 11 per cent, and Bandhan Bank plunged 8%.

We caught up with Paras Bothra of Ashika Stock Broking to understand his views on the market.

Welcome to the show, Mr Bothra

1) What triggered Friday’s fall? Was it due to concerns over banking and financial results or global factors?

2) Can we expect a healthy correction from here on?

On the daily technical chart, Nifty made a long bearish candle. We caught up with Ashis Biswas of CapitalVia Global Research to decode the charts.

Welcome to the show, Mr Biswas

1) What are Nifty charts signalling? Should the bulls be afraid?

2) Where do you see Bank Nifty headed?

Globally, Asian markets ended up to 1.7 per cent lower . European markets were also trading up to 2 per cent lower in the first few hours of trade. US stock futures were hinting at a negative start for 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!





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here