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.
– Metro Brands recovers lost ground after poor listing
– ZEE-Sony merger sealed; Sony to hold majority stake
– Paytm gets bullish rating from Morgan Stanley
– Taxmen raid Dixon, Oppo and Xiaomi offices
and
– US withdraws rule to amend H-1B process
Let us take a quick glance at what happened on Dalal Street today.
Relief rally on Dalal Street continued on Wednesday even as Omicron cases kept on rising. Select stocks such as Reliance Industries, ICICI Bank and L&T contributed the most to gains in stock benchmarks. The broader market too witnessed a healthy recovery, with three stocks ending higher on BSE for every one that fell.
About 545 stocks hit their upper circuit limits for the day, in the risk-on rally that saw BSE barometer Sensex gaining 611 points while NSE Nifty settled above 16,950. ZEE ended flat despite the Sony merger announcement.
In stock-specific moves, YES Bank jumped 5 per cent on a fundraising plan while India Cements advanced 6 per cent following a hike in stake by RK Damani in the cement maker. Metro Brands ended Day 1 with minor losses. About 13 Sensex stocks, including Bajaj Finance, L&T, Bharti Airtel, Sun Pharma, RIL, SBI and Tata Steel jumped over 2 per cent. Wipro, Nestle and ITC were the only three index stocks ending lower.
We have Ajit Mishra of Religare Securities to share his views on the day’s action and the road ahead. Welcome to the show sir:
1) What is triggering the ongoing relief rally?
2) Name a few sectors where you think that valuations have become reasonable after the recent slide
We also caught up with Shrikant Chouhan of Kotak Securities to decode the technical charts for you.
1) Nifty50 is seeing some pressure at 16,900. Where is it headed?
2) Do you see a rebound in Nifty Bank soon?
Asian markets settled mostly higher for the day. Major European markets were trading mostly flat in the first few hours of trade. US stock futures were down 0.23 per cent, hinting towards a negative 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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