NIFTY50: Market Watch: After strong rally, is there more upside left for Nifty bulls? | The Economic Times Podcast

– RIL may avoid Russian fuel after sanctions
– Exports reach $390 bn as of Mar 14: Piyush Goyal
– Rise in COVID cases is ‘tip of iceberg’: WHO
– Govt has no plans to privatise Railways
– Moody’s slashes 2022 India forecast to 9.1%
and
– Volvo announces R&D expansion in India

Now, let us take a quick glance at what happened on Dalal Street today.

Domestic equity markets shrugged off the first rate hike by the US Fed in four years to notch up stellar gains on Thursday.

Progress in talks between Russia and Ukraine strengthened hopes of a speedy resolution to the war, boosting the appetite for Indian stocks. The talks have led to a recent fall in crude oil prices, easing concerns on the inflation front.

While the Fed’s guidance suggested 6 more rate hikes in 2022, the US central bank’s optimistic commentary on growth fuelled a stock rally across the globe, including in India.

Strong buying in financials, FMCG, auto, realty and metals counters lifted the headline indices, increasing investors’ wealth by Rs 4.2 lakh crore.

The BSE barometer Sensex rose past the 58,000 level before settling 1,047 points higher at 57,863.93. The index has gained close to 2,400 points over the last seven trading days. Its broader peer the Nifty50 swung in a band of 169 points before closing 311.70 points higher at 17,287.05.

Broader markets underperformed headline peers with the BSE smallcap and midcap indices gaining 1.2 per cent and 1.1 per cent, respectively. Fear gauge India VIX eased 6 per cent to end just above 22 levels.

In the 30-pack Sensex, 28 stocks gained, with HDFC leading the gainers’ pack following a 6 per cent rise. It was followed by Titan which gained 5 per cent.

Kotak Mahindra, Reliance, Asian Paints and Tata Steel each added more than 3 per cent while Maruti and M&M rose more than 2.5 per cent each. Sun Pharma, Dr Reddy’s, Bajaj Finance and HDFC Bank each rose more than 2 per cent.

Infosys and HCL Tech were the only losers of the day, shedding 1.8 and 0.2 per cent respectively.

Twenty stocks hit their upper circuits during the day, whereas 8 tested their lower circuit limits. Forty-five stocks tested their 52-week highs during the session, whereas 14 tested their 52-week lows.

We have Narendra Solanki from Anand Rathi Shares and Stockbrokers to share his views on the action and the road ahead. Welcome to the show sir:
1. Domestic markets enjoyed a strong rally despite the Fed’s rate hike. Can we expect more of an upside from here?
2. The FII selling is showing signs of abating. From a valuation perspective, where do we stand?

We also caught up with Sameet Chavhan of Angel One to decode the technical charts for you.
1. The Nifty50 settled above the 17,250 level. What do the technical charts suggest about it?
2. The rise in Bank Nifty was in line with the headline index. What is the outlook on the sector?

Asian markets settled with strong gains for the day. Major European markets were trading with cuts in the first few hours of trade. Meanwhile, US stock futures were down, signalling a weak 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!