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Let us take a quick glance at what happened on the Dalal Street today.
Wednesday was the seventh day of fall for domestic indices in the last 10 sessions. While rising virus cases in India was a concern, weakness across global markets also weighed heavily on the sentiment, a day ahead of the March series F&O expiry.
Sensex plummeted 871 points and closed below 49,200. The NSE Nifty fell 1.8 per cent to close below 14,550 level. M&M plunged 4 per cent. SBI, Axis Bank, IndusInd Bank and ICICI Bank declined over 3 per cent. ITC, L&T, NTPC and ONGC shed 2-3 per cent. Asian Paints and Power Grid rose up to 1.4 per cent and were the only gainers from the Sensex pack.
We have Mr Binod Modi, Head of Strategy at Reliance Securities, with us to share his views on the market.
Welcome to the show sir.
1) Do you see upside capped for the domestic indices for now? If yes, why?
2) Money seems to be rotating. Which pockets would you place your bets on?
We also caught up with Aditya Agarwala of YES Securities to decode the charts for you.
1) Where can Nifty settle March F&O expiry at?
2) What are Nifty Bank charts suggesting?
Asian markets settled mostly deep in the red; European markets were also trading lower in the first few hours of trade. US stock futures were hinting at 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!