Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Atul P.M. and here are the top headlines at this hour.
· RBI gives nod for Sashidhar Jagdishan as Aditya Puri's successor at HDFC Bank
· RIL now commands 14% of Nifty & around 10% of entire market
· Sun Pharma latest to sell Covid-19 drug favipiravir in India
· Vodafone Idea faces vendor trouble, lays off nearly 1,500 people
· RIL close to acquiring Future Retail, finalises plan with lenders
· Economic recovery fragile due to Covid-19, lockdowns: FinMin report
Let’s start with what happened in the market today.
Resuming their upmove after four days of consolidation, equity benchmarks advanced 2 per cent on Tuesday, led by solid gains in index heavyweights RIL and HDFC Bank.
However, some selling in Infosys, HCL Technologies and Tech Mahindra capped the upside. Sensex ended the session 748 points higher at 37,688, while Nifty gained 203 points to 11,095.
In the broader market, midcaps and smallcaps underperformed their largecaps counterparts. Sectorally, BSE Energy, Finance, Realty and Banking indices ended in the green, while IT, TECk and Utilities indices settled in the red.
Among specific stocks, Vaibhav Global, GE Shipping and Caplin Point Labs advanced over 10 per cent each, while Omaxe, Deepak Fertiliser and Advanced Enzymes each declined over 3 per cent.
Some analysts said there are chances that the market will consolidate again, though available liquidity will ensure that every correction will get bought into. We caught up with Mayuresh Joshi, Head of Equity Research at William O'Neil India to try and understand the market undercurrent.
Welcome to the show, Mr Joshi
What helped the market rebound after four days of fall?
HDFC Bank climbed nearly 4% after reports that Sashidhar Jagdishan would be next CEO and MD. Do analysts see the choice for an insider as a favourable factor?
The market is looking expensive on the index levels, but there would surely be pockets offering value. Where do these pockets lie?
In technical charts, Nifty negated the formation of lower highs and lows of last three sessions and closed positive. The index formed a bullish candle on the daily chart. We have with us Rohit Singre from LKP Securities to do the chart reading.
What do you read in Nifty’s chart structure after today’s rally?
What are the F&O data telling us about the market bias?
Do you think this market momentum will continue tomorrow?
Globally, other Asian markets ended in the green. European markets traded higher in early deals. US stock futures traded slightly lower in early pre-market trade, after posting gains in the previous session.
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. Good bye!