Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Bhaskar Dutta, and here are the top headlines at this hour.
> Ukraine invasion has begun, says UK minister
> Barclays pegs India’s Q3 GDP growth at 6.6%
> Vistara to raise manpower to 5,000 this year
> Kinetic Green expects its turnover to treble
> Kia crosses 5L dispatches from Andhra plant
> Vipula Gunatilleka named Jet Airways CFO
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets remained weak amid escalating tensions between Russia and Ukraine and a sharp rise in crude prices. However, gradual recovery in select index majors trimmed losses as the session progressed. Stocks from realty, oil and gas and capital goods sectors were hit most.
The BSE barometer gyrated in a range of 1,110 points and ended the session with cuts. It dropped close to 400 points to settle near 57,300 level. The index recovered more than 900 points from the day’s low. Its broader peer, Nifty50, shed about 115 points and settled below 17,100 level. Broader markets remained weak compared to the headline peers as both BSE midcap index declined a per cent, whereas BSE smallcap index settled around 2 per cent lower. Fear gauge India VIX spiked more than 16 per cent.
On BSE Sensex, Tata Steel and TCS topped the losers’ list with, each falling 4 per cent. They were followed by SBI and Dr Reddy labs, that dropped 3 per cent and 2 per cent, respectively. ITC, Airtel, IndusInd Bank, HCL Tech, Axis Bank, Wipro, HUL, L&T and Ultratech shed a per cent each. Among the gainers, Bajaj Finserv, M&M, Kotak Mahindra Bank and HDFC added over a per cent each. Sun Pharma, Infosys, Maruti, NTPC, Bajaj Finance and Power Grid were the other stocks to end the day higher.
More than a dozen stocks hit upper circuit during the session, but only two stocks tested their lower circuit limits. As many as 15 stocks tested their 52-week highs during the session, whereas almost 200 other stocks tested their 52-week lows.
We have Ajit Mishra from Religare Broking to share his views on the action and the road ahead:
Welcome to the show sir:
1. Domestic equity market recovered in the later half. What were the reasons behind it?
2. Which pockets look attractive to you at current levels? What should be a prudent approach to buy them?
We also caught up with Vijay Dhanotiya of CapitalVia Global Research to decode the technical charts for you.
1. Nifty managed to breach 17,000 today. What is next for it now?
2. India VIX spiked more than 16 per cent and inched towards 27-levels. What does it indicate?
Asian markets settled mostly lower for the day. Major European markets were trading with cuts in the first few hours of trade. However, US stock futures indicated a mixed 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!
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