stock market correction: Market Watch: What’s causing the ongoing correction in the market? | The Economic Times Podcast

– Icra raises Q2 GDP growth estimate to 7.9%
– EaseMyTrip acquires Spree Hospitality
– Telecom revenue seen growing 4.5-5% in Q3
– Kubota to pick up to 53% stake in Escorts
– Auto sales hit hard this festive season
And
– India received $87 bn in 2021, says World Bank

Let’s take a quick glance at what happened on Dalal Street today.

Ahead of the long weekend, domestic equity markets extended their weakness for the third straight session as bears continued to dominate Dalal Street. Benchmark indices ended with cuts followed by weakness in global equity. Sentiments at home were hit by the weak listing of Paytm, India’s largest ever IPO. All the recent debutants bled during the session. Investors lost about Rs 2 lakh crore of their notional wealth. BSE barometer gyrated in the range of 800 points. The index tanked about 375 points to close below the 59,650 mark. Sensex has lost over 1,000 points during the last three sessions. Its broader peer, Nifty50, shed about 135 points to settle at 17,765. The index had breached 17,700 levels during the session. Nifty has lost about 330 points in the last three sessions. Broader markets underperformed the headline peers. BSE midcap and smallcap indices gave up 2 per cent lower each. Fear gauge India VIX eased a per cent and remained below 15 level.

Only six Sensex stocks settled in green, with SBI, Power Grid and HDFC Bank gaining one per cent each. Reliance, ICICI Bank and HUL also ended the day with gains. M&M and Tech Mahindra topped the losers’ list, falling more than 3 per cent each. HCL Tech, L&T, Tata Steel and IndusInd Bank tanked up to 3 per cent each. Maruti Suzuki, Bajaj Finserv, Bajaj Finance and Dr Reddy’s Labs tanked up to 2 per cent each. TCS, Kotak Mahindra Bank, Ultratech Cement, Bajaj Auto, NTPC, ITC and Airtel dropped a per cent each. More than 330 stocks hit upper circuit limits for the day and about 240 stocks hit the lower circuit. More than 70 stocks tested their 52-week highs during the session.

We have Gaurav Garg from CapitalVia Global Research to share his views on the day’s action and the road ahead:
Welcome to the show sir:

1. What are the reasons behind this ongoing correction in the market?
2. Today’s listings were tepid. Should investors trim the listing gain expectations from primary markets?

We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.
1. Nifty 50 Bank breached 17,700 sessions during the day. Where is it headed now?
2. Nifty Bank outperformed benchmark Nifty 50. What do charts suggest about it?

Asian markets settled lower for the day. Major European markets were trading with cuts 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!