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.
India records 14,199 new Covid cases in 24 hours D-Street rout erodes Rs 3.8 lakh crore of investor wealth SC halts Future's Reliance deal on Amazon plea India likely to clear 45 investments from China 10-year bond yields rise for third day to 6.2% Petrol, diesel prices unchanged for 2nd consecutive day
Monday’s stocks rout marked the fifth day of fall in the benchmark stock indices, and if one were to go by analyst projections, the benchmark indices may see another 3-5 per cent correction from here on. Sensex slipped below the 50,000 mark for the first time since February 2. The 30-pack index tanked 1,145 points, while its NSE counterpart Nifty fell 2 per cent to close at a sub-14,700 level. The market breadth remained weak, with two stocks falling for every one that rose.
Dr Reddy's Labs, M&M, Tech Mahindra and IndusInd Bank tumbled 4-5 per cent. Axis Bank, TCS L&T, RIL and four other Sensex stocks fell 3-4 per cent.
We have with us Narendra Solanki of Anand Rathi Financial Services to explain the market behaviour.
Welcome to the show, Mr Solanki What led to the sharp drop in the indices? How much further downside do you see in the indices?
What would be your advice to investors?
On Technical charts, Nifty50 signalled weakness and was hinting at further fall. We caught up with Nirav Chheda from Nirmal Bang Securities to decode the charts.
Welcome to the show, Mr Chheda Nifty fall has been steep. What are charts suggesting?
Where do you see Bank Nifty heading in the coming days?
Other Asian markets, except for Japan, settled in the red. European markets traded up to 1 per cent lower in the first few hours of trade. US stock futures hinted at a weak start 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!