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ETMarkets Evening Podcast (ETMarkets.com)

Was Friday’s rise a dead cat bounce?

07:55 Min | March 20, 2020, 8:08 PM IST
Sensex snapped a 4-day losing streak on Friday. Nifty closed above the 8,700 level.
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, Nifty wrap up worst week with a big rally
>> Stock exchanges to remain open despite Maha shutdown
>> RBI announces fresh OMO for Rs 30,000 crore gilts
>> Gandhi, Narayan appointed to YES Bank board
>> Rupee falls 21 paise to hit fresh record low of 75.20
>> Brent crude surges 4%, tests $30 a barrel

Now a quick glance at what happened in Indian stock

Sensex closed 1,628 points higher at 29,916, while Nifty climbed 486 points to shut shop at 8,750.

Today's rise added Rs 6.3 lakh crore to the market capitalization of listed stocks on the BSE.

For the week, Sensex and Nifty dropped 12.28 per cent and 12.02 per cent, respectively. This was the worst weekly decline for benchmark indices since October 2008.

BSE Midcap and BSE Smallcap indices rose 4.18 per cent and 4.03 per cent respectively.

In the sectoral space, all BSE indices closed in the green. BSE Energy index was the top sectoral gainer as it jumped nearly 10 per cent on the back of recovery in oil prices. State-run oil explorer ONGC was the top gainer as it climbed 18.58 per cent.

We have with us Mayuresh Joshi, Head of Equity Research at William O'Neil & Co to talk about market fundamentals.

Was today's rally a dead cat bounce?

2) 95 per cent of stocks wiped out investors' wealth in the last one month. Do you think this fall is an opportunity to buy?

What is your advice to investors who are thinking to build a long-term portfolio?

Nifty leaped over 450 points from the oversold territory on Friday, breaching its immediate resistance level at 8,555 and forming a large bullish candle on the daily chart.

Nilesh Jain of Anand Rathi Shares and Stock Brokers has more on market technicals.

Which sectors do you think may give decent gainers?

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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