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ETMarkets Evening Podcast (ETMarkets.com)

Can Dalal Street extend this rally?

05:30 Min | March 26, 2020, 8:07 PM IST
Tune in: Sensex vaults 1,411 pts on short covering. Nifty reclaims 8,600.
Transcript
Hi there! From ETMarkets.com, this is Abhinav Kaul with Your Evening Briefing.

LET’S START WITH THE TOP HEADLINES AT THIS HOUR

>> Sensex vaults 1,411 pts on short covering, Nifty reclaims 8,600
>> Sitharaman announces Rs 1.7 lakh cr relief package for poor
>> IndusInd Bank makes a stellar recovery, spikes 45%
>> FM says bank merger on track, to take effect from April 1
>> Rupee spurts 78 paise on relief package, dollar weakness
>> Fed's Powell says US economy may be in recession

Now a quick glance at what happened in Indian stock market.

Sensex jumped 1,411 points to close at 29,947, while Nifty added 324 points to end at 8,642.

The market capitalisation of the BSE-listed companies rose by Rs 4.45 lakh crore.

After a long time, the market breadth was fairly positive with two shares advancing for every share that declined on BSE.

After falling more than 80 per cent in the past 10 weeks, IndusInd Bank witnessed a sharp rebound of 46% on the back of short covering in the counter.

Delta Corp hit the upper circuit of 5% after the company said it will consider a buyback proposal.

After a massive 15 per cent jump on Wednesday, Shares of Reliance industries saw some profit booking. The stock slipped over a per cent.

Vinod Nair of Geojit Financial Services has more on market fundamentals

What are the key takeaways from FM’s relief package?

Do you think the ongoing momentum will continue?

Nifty formed a bullish candle on the daily chart, and analysts now believe that the ongoing rally may extend beyond 8,750. The immediate support for the NSE barometer is seen at the 8,300 level, they said.

We have with us Rohit Singre of LKP Securities to talk about market technicals.

Do you think the market has bottomed out?

That’s all for now, folks. Do check out ETMarkets.com for detailed market analysis and download the ETMarkets app on your phone for round-the-clock market coverage, investment tips and dozens of stock recommendations.

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