Hi there! From ETMarkets.com, this is Abhinav Kaul with Your Evening Briefing.
LET’S START WITH THE TOP HEADLINES AT THIS HOUR
>> YES Bank likely to reject $1.2 billion offer from Canada’s Braich >> Net inflows into equity MFs plunge 78% in Nov >> Jaguar Land Rover global sales fall 3.4% in Nov >> 10 CLSA India employees likely to join rival Jefferies >> Goldman raises 2020 oil price forecast on Opec output cuts
Now, a quick glance at what happened in the stock market.
Sensex closed 42 points higher at 40,487, while Nifty added 15 points to close at 11,937.
Among sectoral indices, BSE Energy and BSE Oil & Gas led the gainers’ pack, as they advanced 1.06 per cent and 1.01 per cent respectively.
Even as benchmark indices closed higher, the market breadth was weak with losers outpacing gainers.
Telecom operator Vodafone Idea plunged 6.50 per cent as investors were spooked by comments of its chairman predicting a closure of business in case there were no governmental help.
Shares of VA Tech Wabag and Ion Exchange jumped 15.58 per cent and 5.29 per cent respectively amid reports that the National Green Tribunal directed 100 per cent treatment of sewage entering the rivers across the country by March 31 next year.
ETmarkets.com caught up with Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares & Stock Brokers to get the lowdown on market fundamentals.
Do you think Dalal Street is waiting for some measures from govt?
What is your take on FMCG counters after the recent correction?
Where do you see value in the market?
Monday’s session turned out to be a tepid one for Dalal Street, as the benchmark Nifty50 faced heavy selling pressure at its intraday high of 11,981.
The index formed a Doji candle on the daily chart with a negative advance-decline ratio, suggesting continuation of selling pressure in the broader market.
Nirav Chheda of Nirmal Bang Securities will throw more light on market technicals and derivatives.
What’s the range for the upcoming sessions?
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.