Market Watch: Is the party in primary market over?
Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nandini Sanyal. and here are the top headlines at this hour.
Sensex, Nifty hit fresh record highs
Aramco in advance talks for up to $25 bn RIL deal
India’s WPI inflation in July eases to 11.16% YoY
PE/VC investments touch all-time high in July
China acknowledges Taliban win in Afghanistan
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets kicked off the new week on a higher note, recovering from the midday losses, thanks to buying in metal and FMCG names. Sour global cues and selling in auto and pharma stocks had pulled the markets lower during the session. BSE Sensex, which gyrated in the range of 400 points, setted near 55,600, about 145 points higher. Nifty50 ended the day 34 points higher at 16,563. Broader markets continued to lose the momentum with BSE midcap and smallcap indices declining half a per cent. Fear gauge India VIX jumped 4 per cent.
On BSE Sensex, Tata Steel and Bajaj Finance soared 4 per cent each, whereas M&M gained 3 per cent. Bajaj Finserv, Reliance HUL and HDFC each gained a per cent. On the flip side, Maruti Suzuki, Bajaj Auto and Power Grid tanked over 2 per cent each. Ultra Tech Cement, SBI, Tech Mahindra, Larsen & Toubro and IndusInd Bank shed between 1 to 2 per cent each. Over 330 stocks hit upper circuit limits for the day, whereas more than 100 stocks tested their 52-week highs during the session.
We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show, sir:
1. After a flat listing of most of the issues today, do you think the party in primary markets is over?
2. With earnings season over, what would drive the market going ahead?
We also caught up with Nirav Chheda of Nirmal Bang Securities to decode the technical charts for you.
1. Nifty50 showed some strength on Monday. What do the technical charts suggest?
2. Nifty Bank is constantly underperforming the benchmark index. Where is it headed?
Asian markets ended lower for the day. Major European markets were trading lower in the first few hours of trade. US stock futures were down 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!
The post Market Watch: Is the party in primary market over? first appeared on WorthStocks - Share Market Tips.
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