Sensex, Nifty record biggest daily gain in 4 months
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IRFC IPO subscribed fully on Day 2 of bidding process
Let us take a quick glance at what happened on the Dalal Street today.
Tuesday’s rally surprised many and why not? After two days of battering, stocks staged a strong rebound, with the BSE Sensex surging 834 points to log its best daily gain in four months and the NSE Nifty revisiting 14,500 in style.
A total of 367 stocks on BSE hit upper circuit limits and 240 made fresh 52-week highs, as stocks added Rs 3.5 lakh crore to combined investor wealth.
A total of 27 of 30 Sensex stocks settled higher. Bajaj Finserv rallied 7 per cent, while Bajaj Finance rose just over 5 per cent. HDFC added 3 per cent, while stocks such as ICICI Bank, L&T, Sun Pharma and NTPC gained over 2 per cent each.
We caught up with Ajit Mishra of Religare Broking to know his views on the market.
Welcome to the show, Mr Mishra
1) What made the market rally this strong today?
2) IPOs are back. Including the ongoing IRFC IPO, three issues are hitting the market this week. What would be your advice to investors?
On technical charts, Nifty made a strong bullish candle and negated a lower high formation. We caught up with Rohit Singre, Senior Technical Analyst at LKP Securities to decode the charts.
Welcome to the show, Mr Singre
1) After Tuesday’s price action, what levels should one expect on Nifty50 by Jan series expiry?
2) What would be an appropriate strategy for Nifty Bank traders?
Globally, Asian markets, except for China, ended with strong gains. European markets were trading mixed in the first few hours of trade. US stock futures were hinting at a strong 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!