Kotak Mahindra Bank gets nod to collect direct, indirect taxes
MFI body writes to FM seeking Rs 7,500 crore
Vedanta plans to buy Hind Copper stake
HDFC Bank posts strong loan growth
Airtel conducts India’s first rural 5G trial
J&J files for authorization of vaccine booster
Let’s take a quick glance at what happened on Dalal Street today.
The domestic equity market scripted a strong recovery in afternoon trade and extended the winning streak for the second straight session. Market participants waded through the volatility in bond and rupee to record another day of gain ahead of RBI’s MPC two day meet, which starts tomorrow. The IT and Oil & Gas sector saw strong buying, whereas metal, pharma and realty stocks were under pressure. BSE Sensex gained over 445 points to settle merely 5-odd points shy of 59,750 mark. Nifty50 gained more than 130 points to end the day at 17,833, just 11 points below the day’s high. Broader markets underperformed but BSE midcap and smallcap indices were able to settle in green. Fear gauge India VIX eased over 2 per cent.
On BSE Sensex, IndusInd Bank, surging 5 per cent, topped the gainers. Bharti Airtel gained 3 per cent while Reliance, HCL Tech, Titan, Asian Pains and TCS zoomed 2 per cent each. Bajaj Auto, Tech Mahindra, Maruti, HUL and Infosys added a per cent each. On the other hand, Sun Pharma, Power Grid and ITC tanked over a per cent each. Ultratech Cement, Tata Steel, Nestle, ICICI Bank, Kotak Mahindra Bank, Dr Reddy’s Labs and NTPC also settled in red. About 515 stocks hit upper circuit limits for the day, whereas more than 125 stocks hit the lower circuit. Over 145 stocks tested their 52-week highs during the session.
We have Ajit Mishra from Religare Broking to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Markets are again inching towards lifetime highs. Should one book profits at these levels?
2. Should investors expect volatility in the markets ahead of RBI’s MPC meet?
We also caught up with Ashis Biswas of CapitalVia Global Research to decode the technical charts for you.
1. Nifty topped 17,800 again. Where is it headed?
2. What is your take on Nifty Bank?
Asian markets settled mostly lower for the day. Major European markets were trading with gains in the first few hours of trade. US stock futures were hinting towards 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!