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Let us take a quick glance at what happened on the Dalal Street today.
Benchmark indices outshone global peers, rallying over 2 per cent on Tuesday, after an extended holiday. The gains, some analysts said, had to do with mutual fund adjustments ahead of the financial year-end. Cues from global markets were also positive as investors globally shrugged off $20 billion liquidation by a hedge fund in the US, thanks to recovery in US stocks overnight.
Sensex soared 1,128 points to close near 50,150. Nifty jumped 2.3 per cent and closed near 14,850. Except for three, all Sensex stocks ended higher. HDFC Bank and HCL Tech soared 4 per cent; Infosys, NTPC, HUL, Nestle India and Power Grid advanced 3-4 per cent. HDFC, TCS, Titan and Asian Paints added 3 per cent each. M&M, Axis Bank and Bharti fell up to 0.7 per cent. The broader market breadth remained mixed with one stock rising for every one that fell for the day.
We have Narendra Solanki of Anand Rathi Financial Services with us to share his views on the market.
Welcome to the show sir.
1) What triggered the year-end buying on Tuesday?
2) What would be the biggest factors that may influence the market going ahead?
We also caught up with Nirav Chheda of Nirmal Bang Securities to decode the technical charts.
1) Despite some signals, Nifty has in recent days failed to make a bottom. What’s your view after Tuesday’s trade?
2) What is your take on Nifty Bank as it has kept underperforming Nifty?
Most Asian markets settled up to 1 per cent higher; European markets were trading higher in the first few hours of trade. US stock futures were hinting at a flat 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!