Indian govt sets aside Rs 50,000 crore for Covid-19 vaccination
Dr Reddy’s isolates data center services after cyberattack
Bajaj Auto Q2 profit drops 19% YoY
Asian Paints Q2 profit flat at Rs 830 crore
Equitas Small Finance Bank IPO fully subscribed on Day 3
Let us take a quick glance at what transpired on Dalal Street today:
As investors preferred to reduce their exposure in IT, banking and energy stocks amid mixed global cues, the stock market snapped its 4-day winning streak.
Infosys, HDFC Bank, Reliance Industries and ICICI Bank led the fall, while some buying in Bharti Airtel, Axis Bank and Bajaj Finance capped the downside.
Sensex lost nearly 149 points while Nifty ended below the 11,900 mark.
Unlike blue chip indices, broader market indices outperformed. Nifty Smallcap rose a per cent, while Nifty Midcap advanced 0.62 per cent.
Sector wise, BSE Telecom, Power, Utilties and Capital Goods indices gained up to 2.53 per cent. On the other hand, IT and Bankex each declined over half a per cent.
Around 25 per cent of companies have announced their September quarter results till date. How do the initial set of numbers look like and where they can take the market going ahead? We caught up with Vinod Nair, Head of Research, Geojit Financial Services, to try and understand the market undercurrent.
Welcome to the show, Mr Nair
Q: Which factors took the market down today?
Q: Does Bajaj Auto Q2 results show any sign of revival for the sector? What is your take on the stock?
Q: Does the ongoing earnings season give some hint for sector-specific investors?
On the technical front, Nifty continued to show range-bound action with volatility as the session was dominated with weekly options expiry. It formed a small bullish candle on the daily chart. Market analysts see the absence of strength on either side.
We caught up with Milan Vaishnav of Gemstone Equity Research and Advisory to decode the charts.
Q: What are the Nifty charts telling you after today’s pause?
Q: What is your reading on F&O data?
Q: How do you think the market will fare on Friday?
Globally, other Asian markets ended mixed while European markets traded higher in early deals. US stock futures and overseas indices wavered, with investors paying close attention to negotiations in Washington over a fresh stimulus bill.
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!