Sensex breaks 10-day winning streak
Telecom spectrum auction starts from March 1
Gasoline, diesel prices are rising after a break of more than a month
Govt is considering creating a bank with $ 13.7 billion of equity to fund roads and ports
The PMI for services in India is declining but remains in the expansion area
Let’s take a quick look at what happened on Dalal Street today.
It was another day of fall during the day on Wednesday. But unlike the previous few sessions, this time D-Street bulls failed to bring the indices back to black. Sensex broke its 10-day winning streak by dropping 264 points and settling at 48,174.06. Nifty ended the day below the psychological mark of 14,150.
In the case of Sensex, selling pressure was seen at two index heavyweights Reliance Industries and ITC, which finished 2.6-2.8 percent lower for the day. Bajaj Finance, Axis Bank, HCL Tech, HUL and TCS were among some of the index stocks that fell more than 1 percent today. Power Grid was able to weather the weak trend and rose by 4.3 percent.
In the broader market, Venkys fell 6 percent due to concerns about bird flu in India. Bajaj Hindusthan Sugar was up 10 percent, Hindustan Zinc was up 8.3 percent, while Vedanta was up 6.6 percent for the day.
We spoke to Narendra Solanki from Anand Rathi Shares & Stock Brokers to understand why the market was reacting the way it did on Wednesday.
Welcome to the show, Mr. Solanki:
1) Can you explain a little bit to us what this political uncertainty in the US is all about and why the market showed a choppy reaction today?
2) What are your expectations for the third quarter earnings season?
On technical charts, Nifty50 made its first bearish candle in 11 trading sessions. We spoke with Amit Trivedi, a CMT and Technical Analyst for Institutional Equities desk at YES Securities about his technical reading of the major indices.
Welcome to the show Mr Trivedi
1) Do you think today’s trading has eroded bullish momentum on Nifty charts?
2) Nifty Bank hasn’t had much of an impact today. What are the outlook for the index?
Globally, other Asian markets ended mostly mixed, but European markets traded higher in the first few hours of trading. US stock futures fell 0.3 percent.
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!