Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nikhil Agarwal and here are the top headlines at this hour.
SC puts farm laws on hold till further orders
Sensex less than 500 points away from hitting 50,000
Oil hits fresh 10-month high amid US dollar’s drop
Real GDP to grow at 11 per cent in FY22: Report
Reliance plans to rope in kirana stores as franchise partners for JioMart
Let us take a quick glance at what happened on the Dalal Street today.
Dalal Street bulls flexed muscles for the third straight day as benchmark indices recorded new highs despite an early bout of selling. With a gain of 248 points on Tuesday, Sensex is less than 500 points away from the 50,000-mark, something unthinkable a few months ago. Nifty is also making new highs, registering a close above 14,500 on Tuesday for the first time.
Banking stocks staged recovery while index heavyweights stayed firm.
SBI rallied 3.7 per cent, Bharti Airtel advanced 3.41 per cent, Reliance Industries gained 3.14 per cent and HDFC added 2.05 per cent. In the broader market, JSW Energy soared 12 per cent.
ITC, Axis Bank, NTPC, Bajaj Finance and ONGC were some other prominent gainers for the day, rallying up to 2 per cent. Consumption plays such as Asian Paints, HUL, Nestle India and Titan fell 2-4 per cent.
We caught up with Ajit Mishra of Religare Broking to know his views on market valuations.
Welcome to the show, Mr Mishra
1) Are you comfortable with the prevailing market valuations? What would be your advice to investors?
2) What are the key risks to the ongoing market rally?
On technical charts, the index took out its immediate resistance level of 14,500 with ease. We caught up with Rohit Singre, Senior Technical Analyst at LKP Securities to decode the charts.
Welcome to the show, Mr Singre
1) What levels do you see on Nifty if the momentum remains this strong?
2) What is your take on Bank Nifty?
Globally, Asian markets ended mixed. European markets too were trading mixed in the first few hours of trade. US stock futures were hinting at a flat-to-positive for US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!