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Let’s take a quick look at what happened in Dalal Street today.
After a day of hiatus, the bulls took matters into their own hands on Dalal Street as major benchmarks ended their three-day losing streak. Nervousness and concern over the Delta variant subsided among traders as buying interest was seen across all sectors, especially metals and IT. BSE Sensex rallied up 640 points to settle at 52,837 points. Nifty50 finished at 15,824, adding over 190 points. Broader markets outperformed, with the BSE midcap and smallcap indices gaining more than one percent each. The India VIX Fear Gauge fell 10%, slipping below 12.
On BSE Sensex, Tech Mahindra led the pack of winners, jumping as much as 6%. It was followed by Bajaj Finance, Bharti Airtel, Bajaj Finserv, which jumped 4% each. Tata Steel, L&T and Infosys added 3% each. Only four Sensex counters ended in the red. HUL and Asian Paints lost 2% each. Bajaj Auto fell 1% and M&M also settled for discounts. About 495 stocks hit the upper limits of the circuit for the day and more than 175 stocks tested their 52-week highs during the day.
We have Vinod Nair from Geojit Financial Services with us to share his take on the day’s action and the road ahead:
Welcome to the show, sir:
1. Markets hit a new lifetime high in today’s session. Do you see profitable reservations in the next few days?
2. How should investors play the IT theme after strong management comments?
We also caught up with Ashis Biswas from CapitalVia Global to decode the technical charts for you.
1. Nifty hit the 15,800 mark today. Where is he going now?
2. What do the technical charts on Nifty Bank suggest?
Asian markets finished higher for the day. Major European markets were trading with gains in the early hours of trading. US equity futures rose hinting at a positive start for US equities later in the day.
That’s all for the moment. Check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye!