Market Watch: Will Sitharaman’s Budget be market friendly? | The Economic Times Markets Podcast

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Market Watch: Will Sitharaman's Budget be market friendly? | The Economic Times Markets Podcast


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

Sensex lost nearly 3,000 points in just 5 days
IndiGo reports loss of Rs 620 crore in December quarter
Maruti Suzuki reports 26% rise in Q3 net profit to Rs 1,996 cr
Fiscal deficit may fall to 6.2 pc in FY22: Report
Gold demand plunged to 11-year low in 2020

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

A global selloff on Thursday made domestic investors jittery, as they chose to further lighten up positions ahead of the Budget. The day was marked by high volatility, which was nothing unusual, given the expiry of January series futures and options contracts. The fact that foreign outflows have intensified in recent days weighed further on FPI-heavy index heavyweights.

The 535-odd drop for the day suggested that BSE benchmark Sensex has now fallen by 1 per cent or more in the last four sessions. For Nifty, the January F&O series ended just above 13,800. HUL dropped nearly 4 per cent as investors were concerned over the company’s focus on volumes over margins. Axis Bank bucked the weak trend, despite a fall in Q3 profits, as investors felt higher provisions offer further cushion to the bank and would help in capture further growth better. HDFC Bank, Power Grid, Kotak Mahindra Bank and IndusInd Bank dropped over 2 per cent.

In the broader market, BoB plunged 9 per cent, JK Tyre plummeted 7 per cent while India Cement tanked 5 per cent. Arvind, HFCL added 8 per cent each. Tata Metaliks soared 9 per cent.

We caught up with Vinod Nair of Geojit Financial Services to understand his views on the market.

Welcome to the show, Mr Nair

1) Are you expecting the forthcoming Budget to be market-friendly? What are the broader expectations?

2) How much downside do you see on benchmark indices if the Budget fails to lift the market sentiment?

On technical charts, Nifty made an indecisive Doji candle for the fifth day. We caught up with Rohit Singre of LKP Securities to decode the charts.

Welcome to the show, Mr Singre

1) Nifty charts have been forming back-to-back long bearish candles on the daily charts. What is the weekly chart hinting at?

2) What is your view on Nifty Bank? Is it any better than Nifty50?

Asian markets settled up to 3 per cent lower. European markets were trading in the red in the first few hours of trade. US stock futures were hinting at a negative 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!





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