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Let us take a quick glance at what happened on Dalal Street today.
The domestic equity market snapped a 5-day winning streak on Tuesday as concerns of the US Fed adopting an aggressive rate hike path prompted traders to square off positions.
A fresh round of sanctions by European powers against Russia amidst the ongoing conflict in Ukraine also weighed on market sentiment as did an elevated domestic retail inflation print.
While FMCG and auto counters saw buying interest, selling in banks, financials, IT and metals was a drag on indices.
The BSE barometer gyrated in a range of 1,300 points during the day, with the Sensex shedding 709 points to end below the 55,800 mark. The index has added on more than 2,900 points over the last seven trading sessions.
Its broader peer, the Nifty50 gave up 208 points to end just below the 16,700 level. The index, which swung in a range of 373 points, came close to breaching the 16,500 mark during the day.
Broader markets suffered less than headline peers, with the BSE midcap and smallcap indices losing 0.7 and 0.9 per cent, respectively. Fear gauge India VIX jumped 4 per cent to end near the 27 mark.
On the 30-pack BSE Sensex, 20 stocks ended in the red, with Tata Steel giving up 5 per cent, followed by Kotak Mahindra which shed 3 per cent. Tech Mahindra and Infosys lost more than 2.5 per cent each, while Reliance and Infosys fell more than 2 per cent each.
PowerGrid, Wipro, Axis Bank, HDFC and Dr Reddy’s each lost more than 1.5 per cent while TCS tumbled 1.3 per cent.
M&M led the gainers with a 2.3 per cent rise followed by Maruti which gained 1.4 per cent. Nestle and Asian Paints each gained close to 1 per cent.
As many as 17 stocks hit upper circuits during the session, whereas only 4 stocks tested their lower circuit limits. 40 stocks tested their 52-week highs during the session, whereas 18 hit 52-week lows.
We have Ajit Mishra from Religare Broking to share his views on the action and the road ahead:
Welcome to the show sir:
1. Domestic markets snapped a 5-day winning streak today. How should investors time their entry into this market?
2. The US Fed is likely to raise interest rates at its meeting this week. How would Indian markets fare?
We also caught up with Vikas Jain – Senior Research Analyst at Reliance Securities to decode the technical charts for you.
1. The Nifty50 closed below the 16,700 mark. What do the technical charts suggest about it?
2. The Bank Nifty fared better than the headline index. What is your outlook on the sector?
Asian markets settled mostly lower for the day. Major European markets were trading with cuts in the early hours of trade. Meanwhile, US stock futures were up, hinting signalling a positive start to markets.
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!