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Let us take a quick glance at what happened on the Dalal Street today.
Just one stock, Reliance Industries, accounted for over half of Sensex 531-point fall on Monday. The less-than-expected Q3 results by the oil-to-telecom major hit Mukesh Ambani’s personal fortunes by over $5 billion and helped Tata Group’s TCS race past Ambani’s flagship to become the most valued company on Dalal Street.
To be sure, TCS also ended lower but marginally.
Sensex, which hit 50,000 mark on January 21st, eventually settled below 48,350 on Monday. The NSE Nifty failed to hold even 14,250.
Reliance plunged 5.4 per cent and was the worst Sensex loser. IndusInd Bank, HCL Tech, Asian Paints and UltraTech Cement tanked 3-5 per cent. TCS settled 0.4 per cent lower.
In the broader market, Apollo Tyre plunged 9 per cent; Vodafone Idea declined 7 per cent. Aurobindo Pharma jumped 8 per cent; Grasim advanced 6 per cent.
We caught up with Deepak Jasani of HDFC Securities to understand his views on the market
Welcome to the show, Mr Jasani
1) Are you satisfied with Q3 results so far? Can you name a few hits & misses?
2) What is triggering the huge volatility on Dalal Street of late? What may soothe investor nerves?
On the daily technical chart, Nifty made a long bearish candle with another day of lower high-lower low formation. We caught up with Nirav Chheda from Nirmal Bang Securities to decode the charts.
Welcome to the show, Mr Chheda
1) Is there any emerging trend on the daily Nifty chart? What could be the make-or-break levels for the index?
2) Selling on Nifty Bank halted on Monday after two days of sharp fall. Where is it headed?
Globally, Asian markets were mostly higher. European markets were trading lower in the first few hours of trade. US stock futures were hinting at a positive start for 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!