Market Watch: Nifty50 likely to touch 15,000 in run-up to Budget | The Economic Times Markets Podcast

Market Watch: Nifty50 likely to touch 15,000 in run-up to Budget | 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, Nifty end little changed; smallcaps outperform
WPI inflation eases to a four-month low
Farmer protests cost RIL, Walmart millions
Middle class may gain from higher tax deductions in Budget
Passenger vehicle sales rose 14% in December

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

Sensex came one step closer to the 50,000 mark on Thursday by adding 92 points to its previous close. Nifty stopped short of the 14,600 level. Analysts said quarterly numbers are good, FPI inflows strong and there is not much to worry for Dalal Street investors these days — a happy story so far.

The day saw TCS rising nearly 3 percent, but Infosys and Wipro fell 1 per cent each despite many brokerages upping targets on the stocks. IndusInd Bank gained on Sebi’s two-week extension to promoters to infuse residual capital. L&T, Reliance Industries and ITC gained over 1 per cent to support the index on a day 15 of 30 Sensex stocks ended lower.

In the broader market, HAL jumped 10 per cent on Rs 48,000 crore Tejas deal. SAIL fell 10 per cent as OFS price was set at a steep discount to the previous day level. The issue received strong response though.

We caught up with Rusmik Oza of HDFC Securities to know his views on the market.

Welcome to the show, Mr Oza

1) Amidst quarterly earnings, we have a couple of events lined up: US President-elect Biden sworn in and the Union Budget on February 1. Do you think the market momentum may stay strong ahead of these events?

2) A single-digit sales growth and muted profit numbers are what the Street is looking at for Nifty firms in Q3. Which are the Nifty constituents that do you think can spring a surprise?

On technical charts, Nifty bulls are coming back stronger of late following Hanging Man formations. We caught up with Rohit Singre, Senior Technical Analyst at LKP Securities, to decode the charts.

Welcome to the show, Mr Singre

1) Nifty has made quite a few Hanging Man candles on the daily chart in the last couple of sessions. But each time, the bulls emerged. How would you read Thursday’s session?

2) Is strength in Nifty Bank still intact? What does the chart say?

Globally, Asian markets ended mostly lower. European markets were trading positive in first few hours of trade. US stock futures were hinting at a flat start for US equities later in the day.

That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

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