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.
Go Fashions IPO subscribed 135x so far; issue closes today
Airtel to raise tariffs by 20–25% from Nov 26
Aramco eyes new investments as RIL scraps deal
Aadhaar-UAN linking deadline extended till Nov 30
And
Daily rise of Covid-19 cases in country lowest in 538 days
Let’s take a quick glance at what happened on Dalal Street today.
Key domestic indices took their losing spree to the fourth day on Monday amid disappointment over scrapping of the RIL-Aramco deal, concerns over earlier-than-expected rate hikes and restrictions imposed in some parts of Europe due to surging Covid cases.
Sensex plunged 1,170 points for the day, which was highest since April 12’s 1,700-odd points meltdown. Stocks such as Reliance Industries, Bajaj Finance, HDFC Bank, Infosys and ICICI Bank accounted for over half the losses the index made for the day.
Nifty 50 plunged 2 per cent to close near 17,400, with fear gauge India VIX soaring 18 per cent to 17.52. Shares of Paytm could not recover from a 27 per cent listing discount last week, falling a further 13 per cent. Recent listing Fino Payments Bank plunged 12 per cent, PB Fintech 6.6 per cent while Zomato declined 3 per cent. Airtel surged 7 per cent while Vedanta and Idea Cellular gained 6 per cent each.
We have Rahul Shah, Co-Head of Research at Equitymaster to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1) What made domestic indices tumble on a day global markets were sort of lacklustre?
2) Should investors wait for further decline to enter the market?
We also caught up with Nirav Chheda from Nirmal Bang Securities to decode the technical charts for you.
1) Do you think the Nifty50 could now move towards 100-day EMA?
2) What is your take on Nifty Bank?
Asian markets settled mixed for the day. Major European markets were trading higher in the first few hours of trade. US stock futures were up, hinting towards a positive 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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