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.
February IIP contracts 3.6%; inflation climbs up to 5.5% in March
Sputnik V vaccine gets emergency approval in India
Lockdown fears wipe nearly Rs 9 lakh crore off stock investor wealth
Passenger vehicle sales more than double in March
Nomura revises India’s FY22 growth to 12.6%
Let us take a quick glance at what happened on the Dalal Street today.
It was the worst day for domestic indices since February 26, as rising fears of lockdowns spooked Dalal Street investors. The trading community was worried that any lockdown, even if temporary, will halt the economic recovery and bring earnings downgrades for India Inc.
Sensex plunged 1,707 points for the day to about 47,900 level. Nifty barely managed to close above 14,300.
Five stocks tumbled for every one stock that rose for the day. A staggering 453 stocks hit lower circuit limits including several Adani group stocks such as Adani Green, Adani Transmission and Adani Power.
The fall on benchmark indices was led by heavyweight banks and Reliance Industries, even as it was a broad-based selloff. IndusInd Bank plummeted 9 per cent, Bajaj Finance 7 per cent and SBI 7 per cent. RIL ended up tanking nearly 4 per cent. Dr Reddy’s Labs gained 7 per cent after emergency approval for Sputnik V in India.
The recent Rakesh Jhunjhunwala-backed debutants Nazara Technologies and Barbeque Nation plunged 5-7 per cent.
We have Deepak Jasani of HDFC Securities with us to share his views on the market.
Welcome to the show sir.
1) How harsh can the second wave of Covid be for domestic stocks and indices?
2) Should one be a buyer in this market? What sort of themes should do well at present?
On technical charts, we caught up with Nirav Chheda of Nirmal Bang Securities to decode the charts.
1) Nifty has now tested 14,300. Is there a rebound on the cards?
2) Nifty Bank charts are looking bad to worse. What is the outlook there?
Asian markets settled up to 1 per cent lower for the day; European markets were largely mixed in the first few hours of trade. US stock futures were hinting at a flat start to 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!
