Sensex rebounds 700 points from the low of the day, wins 432 pts
Economic recovery stronger than expected: RBI governor Shaktikanta Das
Vedanta Resources under pressure, bondholders declare debt extension
SC Lowy appears to be withdrawing from the DHFL bidding process
Bitcoin price is down 6%, down more than $ 1,000
Let’s take a quick look at what happened on Dalal Street today.
HDFC twins contributed the most to Sensex’s gains as the benchmark indices reversed most of yesterday’s losses. Sensex finished the day with a win of 432 points on 44,260, while fellow Nifty finished the 13k with 12,987 points. Stock market volatility was also prevalent due to monthly M&A contracts expiring.
While mortgage lender HDFC gained 2.2 percent, largest private lender HDFC Bank advanced 1.7 percent. Bajaj Finance climbed nearly 3 percent.
Will the market continue its volatile streak, or will we see a clear direction? To discuss this and more, we spoke with Nirali Shah, Senior Research Analyst, Samco Securities.
Welcome to the show, Mrs. Shah.
1) Is the market in an upward trend again or is it impossible to imagine volatility without it?
2) Which sectors should one stick to in such times?
3) What are your prospects for the defensive pack – IT and pharma?
Meanwhile, technically, Nifty formed a bullish candle on the daily scale along with a long lower shadow, indicating that every small drop is being bought.
We spoke with Rohit Singre, Senior Technical Analyst at LKP Securities, to decipher the charts.
Welcome to the show, Mr. Singre.
1) Down yesterday and up again today! What do you think of the Nifty card?
2) How do you see Nifty for the rest of the year?
3) With volatility at the forefront, which sectors provide comfort on the charts?
Globally, stocks were mixed based on a slew of subdued economic data weighing on a risk rally.
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!