Sensex, Nifty snap 5-day losing streak
Bitcoin tumbles 17% as doubts grow over starry valuations
India’s GDP may turn positive in Q3FY21
Govt reviews ‘duty’ on China steel items
Fuel prices rise again after two-day break
Let us take a quick glance at what happened on the Dalal Street today.
Investors on Tuesday turned jittery at highs and despite a good start, domestic indices erased gains to settle flat. The only silver lining was, they snapped a 5-day losing streak. Sensex ended above 49,750 while Nifty topped 14,700. What saved the day were gains in index heavyweights such as Reliance Industries, ICICI Bank, SBI and TCS.
ONGC rose over 5 per cent, IndusInd Bank advanced nearly 3 per cent while L&T gained 2 per cent. Kotak Mahindra Bank tanked 3 per cent while Maruti, Bajaj Auto and HDFC Bank fell over 1 per cent.
In the broader market, Tata group stocks Tata Steel and Tata Motors rallied 6-7 per cent. DMart climbed nearly 6 per cent. Hindalco, Page Industries and SAIL rose over 5 per cent. Trent fell 4 per cent, Adani Transmission and Biocon declined over 3 per cent.
We have with us Ajit Mishra of Religare Securities who will share his views on the market
Welcome to the show, Mr Mishra
1) On one hand, bond yields are rising in hopes of economic recovery. On the other hand, the stock market is fearing a second wave of virus surge. What’s happening?
2) How would you approach this market?
On technical charts, Nifty continued with its lower high formation. We caught up with Rohit Singre of LKP Securities to decode the charts.
Welcome to the show, Mr Singre
1) Nifty opened higher but could not sustain gains at highs. What’s ahead?
2) Nifty Bank tested 35,000 intraday. Are charts still weak?
Asian markets settled mixed. European markets were trading lower in the first few hours of trade. US stock futures were hinting at a weak 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!