Finace And Stock

Sensex: Market Watch: What led to the selloff in the afternoon session? | The Economic Times Podcast

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

Rupee plummets 54 paise to close at 74.98 against US dollar
ZEE approaches NCLAT to seek more time for Invesco’s plea
Moody’s affirms ratings of 9 Indian banks
Cabinet approves Rs 4,445 cr PM MITRA Yojana to set up textile parks
Govt approves bonus for railway employees
India’s wheat exports could quadruple

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

Domestic equity markets snapped the two-day winning streak and settled lower. Benchmark indices wiped off the early gains as the global crude price rose and rupee weakened, which likely increased the pressure of inflation. Gas prices surged 40 per cent in the UK, putting pressure on markets. Traders shunned the Moody’s outlook upgrade on India as they became poorer by 2.78 lakh crore during the session.

BSE Sensex gyrated in the range of about 900 points, before settling 10-odd points below 59,200, about 555 points lower than previous close. Nifty50, which was trading in the range of 240 points, gave up more than 175 points to end the day below 17,650. BSE midcap and smallcap also ended the day with cuts. Fear gauge India VIX spiked 6 per cent, breaching 17-level once again.

On BSE Sensex, only three stocks — HDFC Bank, Bajaj Finance and HDFC — settled in green, whereas the other 27 counters ended the day in red. Among the losers, IndusInd Bank and Tata Steel tanked 3 per cent each. Bajaj Auto, Sun Pharma, HCL Tech, Reliance, Titan, Tech Mahindra, SBI and Dr Reddy’s gave up 2 per cent each. ITC, Ultratech Cement, Asian Pants, NTPC and Kotak Mahindra Bank were also hit badly, shedding over a per cent each. More than 420 stocks hit upper circuit limits for the day, whereas about 180 stocks hit the lower circuit. Over 130 stocks tested their 52-week highs during the session.

We have Binod Modi from Reliance Securities to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What led to the sharp selloff in the markets in the afternoon session?
2. How should investors protect wealth and benefit from this volatile market?

We also caught up with Aditya Agarwala of Yes Securities to decode the technical charts for you.
1. Nifty was unable to hold above 17,700. Where is it headed?
2. What do technical charts suggest about Nifty Bank?

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 in deep red hinting towards a negative start to US equities later in the day.

That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

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