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Let’s take a quick look at what happened on Dalal Street today.
Benchmark stock indices resumed their upward trend Wednesday, aided by the rally in global stocks, with IT majors ahead of gains.
Sensex rose almost 1 percent to 46,444 points, while colleague Nifty climbed one percent to 13,601 points.
Software exporters ruled the top with TCS, Infosys and Wipro setting new record highs. HCL Technologies meanwhile climbed to a record of 52 weeks. The best FMCG player Hindustan Unilever was the largest Sensex gainer, with an increase of 2.7 percent.
BSE indices for mid and small caps have stolen the show, rising 2.4 percent and 2.7 percent each, with winners more than three times the losers on the BSE.
Amid all this, the questions remain whether the upward trend in the market will disappear. Has the IT package overheated after the sharp start, or does more value remain?
To discuss this and more, we spoke with Mayuresh Joshi, Head – Equity Research, William O’Neil India.
Welcome to the show, Mr. Joshi
1) Would you say the uptrend has resumed? What helps the market to rise despite the new batch of bad news about Covid-19?
2) What do you think of the PSU package? Can investors hunt for value in the pack as the rest of the market appears to be up quite a bit?
3) What is your opinion on IT sector stocks? TCS and Infosys rule at record highs. Is there any more steam left in the rally?
Technically, Nifty formed a bullish candle on the daily chart. On the hourly chart, the index looks like a V-shaped rebound.
To understand what the charts are telling us, we spoke with Mazhar Mohammad, Chief Strategist at Chartviewindia.in, to decipher the charts for you.
Welcome to the show, Mr. Mohammad.
1) Does today’s upmove confirm that a bullish trend is intact? What does the Nifty card tell you?
2) Which stocks do you think can deliver decent profits in the coming month?
3) What is your take on the defense package?
Elsewhere in Asia and Europe, shares advanced following a report that a Brexit trade deal could be struck later in the day.
That’s it for now. Check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye!