Finace And Stock

Nifty: Market Watch: Will this market correction deepen? | The Economic Times Podcast

Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nandini Sanyal. and here are the top headlines at this hour.

Zee Entertainment board rejects Invesco’s request for EGM
Reliance Industries extends deadline to complete Future buyout to March 31, 2022
A consortium of banks led by UCO Bank approaches RBI as Rs 30,000 crore loans taken by Srei group turned into NPA
Maruti Suzuki sales dip 46% in September
I-T refunds of Rs 80,086 crore issued this fiscal
And
Govt collects Rs 1.17 lakh crore GST for Sept

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

Domestic equity extended the losing streak to the straight fourth session and settled lower. Despite favourable growth in core sector output, the negative cues from the global markets is adding pressure on the domestic benchmark indices. Banks, IT, realty and financial services witnessed selling, whereas energy, metals and pharma stocks saw some buying. Auto stocks reacted to their September sales data. BSE Sensex shed more than 360 points to settle about 58,765 mark. The BSE barometer has declined more than 1,650 points from the peak. Nifty50 declined 86 points to end the day at 17,532. Broader markets were mixed as the BSE midcap index declined but the smallcap index settled in green. Fear gauge India VIX eased more than 6 per cent.

On BSE Sensex, Bajaj Finserv led the losers, declining over 3 per cent. Maruti Suzuki, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC shed 2 per cent each. NTPC, ICICI Bank, TCS, IndusInd Bank and HDFC Bank gave up one per cent each. Among the gainers, Mahindra & Mahindra spurted 3 per cent, whereas Dr Reddy’s, Ultratech Cement, Sun Pharma, Power Grid and Tata Steel added a per cent each. Bajaj Auto, Nestle, Reliance, Axis Bank and Titan also settled in green. About 390 stocks hit upper circuit limits for the day, whereas more than 120 stocks hit the lower circuit. About 85 stocks tested their 52-week highs during the session.

We have Arijit Malakar from Ashika Stock Broking to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What is weighing on market sentiment recently? Do you expect this correction to deepen?
2. How should investors play the gas price hike theme?

We also caught up with Nilesh Jain of Centrum Broking to decode the technical charts for you.
1. Nifty 50 was able to settle above 17,500. Where is it headed?
2. Nifty Bank has remained an underperformer. What is your take on it?

Asian markets settled mostly lower for the day. Major European markets were trading with cuts in the first few hours of trade. US stock futures were down hinting towards a negative 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!


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