Finace And Stock

PSU Bank stocks: Market Watch: What made PSU banks rally today? | 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.

India’s April-August fiscal deficit near Rs 4.7 lakh crore or 31.1% of the budgeted target for the whole year
Adani earns Rs 1,002 cr a day, now Asia’s 2nd richest, according to IIFL Wealth-Hurun India report
Tata Steel divests its entire stake in NatSteel
Crisil elevates Amish Mehta as MD & CEO
Road construction to pick up pace this fiscal
And
Monsoon to withdraw from India starting October 6

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

Domestic equity continued to settle lower on Thursday led by rising volatility ahead of F&O expiry of September series. Rising dollar and Evergrande crisis added to the woes of traders. IT, metal, private lenders and media stocks added pressure on the benchmark indices, whereas realty players and PSU lenders saw some buying action. BSE Sensex, which traded in the range of 500 points, shed about 290 points to settle around 59,125 mark. Nifty50 declined about 100 points to end the day below 17,620. Broader markets outperformed as BSE midcap and smallcap indices went up by half a per cent each. Fear gauge India VIX eased more than 2 per cent.

On BSE Sensex, Power Grid tanked 3 per cent, while Asian Paints, Axis Bank, Bajaj Auto and SBI declined 2 per cent each. Kotak Mahindra Bank, ICICI Bank, M&M, Tech Mahindra and L&T shed over a per cent each. On the other hand, Bajaj Finserv and Bajaj Finance gained over 2 per cent each. NTPC, Sun Pharma and HUL added up to a per cent each. Titan, HDFC, HDFC Bank and Dr Reddy’s labs were other players to settle higher. About 390 stocks hit upper circuit limits for the day, whereas more than 150 stocks hit the lower circuit. About 95 stocks tested their 52-week highs during the session.

We have Vinod Nair from Geojit Financial Services to share his views on the day’s action and the road ahead:

Welcome to the show sir:
1. What weighed on the market sentiment in the later half of the session?
2. What made PSU banks rally today? Should one consider them for investment?

We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.
1. The Nifty could not hold 17,700 levels. What do technical charts suggest about it?
2. Nifty Bank continues to be under pressure. Where is it headed?

Asian markets settled mostly higher for the day. Major European markets were trading mixed in the first few hours of trade. US stock futures were up 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!


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please Disable the Adblocker