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Let us take a quick glance at what happened on the Dalal Street today.
It was quite a volatile day for the market, where the Sensex gyrated 721 points, only to close with marginal losses. Once again, an attempt by the bears to take control over the market failed, as the bulls displayed their strength noticeably.
Some analysts said they haven’t seen such optimism in the market in almost a decade.
At close, Sensex was down 25 points and was still 500 points away from the 50,000 mark. Nifty made sure it ends above 14,650.
M&M jumped 6 per cent, while SBI climbed 5 per cent. Bharti Airtel which was up 6 per cent in morning trade, ended just 2 per cent higher. The Bajaj twins closed up to 3 per cent lower, while the HDFC duo shed up to 2.8 per cent.
We caught up with Deepak Jasani, Head of Retail Research at HDFC Securities, to know his views on the market.
Welcome to the show, Mr Jasani
1) What led to the sharp volatility seen in the market on Wednesday? Any advice to investors?
2) Which are the sectors that you think still offer a margin of safety?
On technical charts, the index formed a small bearish candle with a long lower wick on the daily chart. We caught up with Amit Trivedi, Technical Analyst at YES Securities’ institutional desk, to decode the charts.
Welcome to the show, Mr Trivedi
1) Has anything changed for Nifty on technical charts after Wednesday’s session?
2) What’s your take on Bank Nifty?
Globally, Asian markets ended mixed. European markets were trading negative in the 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 ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!