Hi there! From ETMarkets.com, this is Abhinav Kaul with Your Evening Briefing.
LET’S START WITH THE TOP HEADLINES AT THIS HOUR
>> Sensex gives up 1,300-pt gains despite RBI’s $50b bazooka
>> Reserve Bank cuts repo rate to lowest ever at 4.4%
>> Moody's slashes India’s GDP growth for 2020 to 2.5%
>> Govt raises Rs 11,500 cr from sale of THDC, NEEPCO
>> Gold heads for biggest weekly gain since 2008
>> British PM Boris Johnson tests positive for coronavirus
Now a quick glance at what happened in Indian stock market.
Sensex closed 131.18 points lower at 29,815.59, while Nifty rose 18.80 points to close at 8,660.25.
Sensex earlier in the day had risen as much as 1,179 points to 31,126.03.
Market breadth was neutral, as gainers and losers were nearly equal in number on BSE.
In stock-specific action, HDFC Life Insurance declined 7.64 per cent after Standard Life sold five crore shares in the JV.
Shares of YES Bank pared gains to close 0.94 per cent down after the lender approved a proposal to raise Rs 5,000 crore.
In terms of turnover, Axis Bank was the most active security on NSE. It was followed by HDFC Bank, ICICI Bank, SBI and Reliance Industries.
Mayuresh Joshi, Head of Equity Research at William O'Neil & Co has more market fundamentals
How do you see rate-sensitive counters after RBI decision?
Can we expect further rate cuts going ahead?
In global markets, European shares fell on Friday, halting their biggest ever three-day rally
Meanwhile, Asian stocks rose as investors wagered policymakers will roll out more stimulus measures to combat the coronavirus pandemic.
Back home, Nifty wiped off entire intraday gains to end flat. The index formed a small bearish candle on the daily chart. Analysts said the index needs to breach the 8,900-9,000 range in the near term, before instilling confidence among market participants.
We have with Nilesh Jain of Anand Rathi Shares and Stock Brokers to get a lowdown on market technicals.
Do you see more pain ahead?
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.