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Let’s take a quick glance at what happened on Dalal Street today.
Domestic equity markets gained for the second straight day to finish off the week on a positive note, with strong buying in IT and financial stocks leading the charge.
Positive momentum in global stocks following a favourable set of US retail earnings numbers and receding sales of equities by overseas investors lifted the market’s risk appetite in what has been a week marked with volatility.
Markets had suffered losses in the first three days of the current week, but bounced back in the remaining two sessions.
The Sensex jumped 632.13 points or 1.17 per cent in a comeback rally to end the session at 54,884.66. Its broader peer, Nifty50, added 182.30 points or 1.13 per cent to close above the 16,350 mark, amid strength across global markets.
Based on market capitalization of BSE-listed stocks, the last two sessions lifted investor wealth by Rs 4.81 lakh crore.
Barring oil & gas, all sectors advanced with the financial and IT counters leading gains for both headline indices.
23 of the 30 stocks on the Sensex settled in black, with Tech Mahindra rising 4 per cent. IndusInd Bank, Wipro, Bajaj twins, M&M, L&T, HCL Tech, HUL also added 2-3 per cent each.
NTPC, Bharti Airtel, Reliance and Power Grid, however, settled with cuts.
11 stocks hit 52-week highs, while 33 touched 52-week lows.
We have Ajit Mishra from Religare Broking to share his views on the action and the road ahead:
Welcome to the show, sir:
1. Strong gains in IT stocks lifted the headline index today. At a time when the sector has been witnessing downgrades on earnings concerns what is your outlook?
2. More and more agencies are slashing India’s GDP forecasts. How would the stock market be affected?
We also caught up with Nilesh Jain of Centrum Broking to decode the technical charts for you.
1. The Nifty50 settled near the 16,350 level. What do the technical charts suggest about it?
2. Bank Nifty has been outperforming for the last couple of days. What is your outlook on the sector?
Asian markets ended with gains for the day. Major European markets were trading with decent gains in the first few hours of trade. However, US stock futures were down, signalling a weak 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!