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.
– Russia returns some troops to bases, says report
– Separation of Chairman & CEO roles voluntary: Sebi
– IREDA eyes Rs 2,749 crore revenue in FY22
– India’s January trade deficit at $17.42 billion
– US eases visas for startups, PhD holders
and
– SC allows Future Retail to approach HC
Now, let us take a quick glance at what happened on Dalal Street today.
After registering their worst performance in the last 10 months a day earlier, bulls made a solid comeback on D-Street, with benchmark indices clocking their biggest gain in the last one year on Tuesday. Bottom hunters gathered to push the markets higher while the ease in the tension between Russia and Ukraine lifted the mood of the market. A decline in crude oil prices also aided investor sentiments.
The BSE barometer Sensex reclaimed the 58,000 mark during the session. It more than 1,735 points and ended the day just close to 58,140. Its broader peer, Nifty50, rallied about 510 points and ended the session a couple of points above the 17,350 level. Both the benchmark indices settled near their intraday highs. Broader markets underperformed the headline peers even as BSE midcap jumped nearly 3 per cent and BSE smallcap index added 2 per cent. Fear gauge India VIX dropped by more than 10 per cent to settle below 21 levels.
All 30 constituents of BSE Sensex settled in the green during the session. Bajaj Finance and SBI zoomed 5 per cent each, whereas Bajaj Finserv, L&T, Titan, Wipro, Asian Paints, Kotak Mahindra Bank, M&M and Tech Mahindra rallied 4 per cent each. Airtel, Reliance, Infosys, IndusInd Bank, Maruti Suzuki, HDFC Bank and Axis Bank jumped over 3 per cent each.
Over 260 stocks hit the upper circuit during the session and as many as 395 stocks tested their lower circuit limits. About 15 stocks tested their 52-week highs while more than 100 others 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 markets made a strong comeback today. What factors led to the bounce back?
2. Do you see buying opportunities at current levels? If yes, then which pockets should investors look at?
We also caught up with Vijay Dhanotiya from CapitalVia Global Research to decode the technical charts for you.
1. Nifty50 settled about 17,350 levels. What do the technical charts suggest about it?
2. Nifty Bank outperformed the benchmark index during the session. Where is it headed?
Asian markets settled mostly higher for the day. Major European markets were trading with strong gains in the first few hours of trade. The US stock futures too 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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