Nifty: Market Watch: Sensex, Nifty50 at new highs. What next? | The Economic

[ad_1]

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

Maruti Suzuki hikes prices from today
Ola Electric ties up with banks, financial institutions for loans
ADB clears $150 mn loan for Tamil Nadu project
Telecom tower cos to face 1.8 lakh tenancy losses if Vodafone Idea collapses
Zydus Cadila gets US Food and Drug Administration nod for diabetes medication

And
India’s August gold imports nearly double on price correction: Report

Let’s take a quick glance at what happened on Dalal Street today.

Domestic equity market kicked off the new week on a higher note, thanks to positive sentiments among the global markets. The bulls extended gains for the third straight session. Strong buying action in heavyweight Reliance and IT stocks boosted the morale. The market is anticipating the launch of Jiophone Next soon. Relief rally in the global markets added to the buying sentiments. BSE Sensex added 170 points to settle just below 58,300. Nifty 50 gained 54 points to close above 17,375. It scaled 17,400 mark during the session. BSE midcap and smallcap indices ended in green. Fear gauge India VIX jumped 4 per cent, crossing 15-level.

On BSE Sensex, HCL Tech, Infosys and Reliance shares jumped 2 per cent each. Tech Mahindra, Bajaj Auto, M&M, HUL and L&T added up to a per cent each. Axis Bank, Dr Reddy’s Labs, TCS, HDFC and Ultratech also settled in green. On the other hand, IndusInd Bank shed over a per cent. Kotak Mahindra Bank, Power Grid, Sun Pharma, Asian Paints, Titan, ITC and HDFC Bank declined up to one per cent each. Over 350 stocks hit upper circuit limits for the day, whereas more than 230 stocks hit the lower circuit. About 130 stocks tested their 52-week highs during the session.

We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:

Welcome to the show sir:
1. The domestic market kicked off the new week on a higher note. What were the reasons behind the rally?
2. What are the factors that will sway D-Street sentiment going ahead?

We also caught up with Nirav Chheda of Nirmal Bang Securities to decode the technical charts for you.
1. Nifty 50 crossed 17,400 mark today. What do technical charts suggest?
2. What is your take on Nifty Bank’s underperformance? Is it likely to continue?

Asian markets ended higher for the day. Major European markets were trading with gains in the first few hours of trade. US stock futures were up hinting towards a positive 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!

[ad_2]

Source link