Nifty: Market Watch: Are there more legs to the rally? | The Economic Times Podcast

October power supply deficit worst since March 2016
Edible oil import jumps 63% in September
India’s oil demand to rise 50% by 2030
CNG, PNG prices hiked in Delhi and NCR
India to receive Rs 3,300-Cr investment from 31 companies over 4 years in telecom
And
PM Modi launches GatiShakti to boost India’s infra development

Let’s take a quick glance at what happened on Dalal Street today.

Domestic equity markets scaled fresh lifetime peaks on Wednesday, thanks to buying across the sectors ahead of the festive season. Easing of retail inflation and better corporate earnings boosted the sentiments. Investors grew richer by Rs 2.44 lakh crore during the session. Traders are awaiting US inflation numbers and FOMC minutes of meetings, scheduled later in the day. BSE Sensex settled 13-odd points below 60,750 adding more than 450 points during the day. Nifty50 gained 170 points to close above 18,160-mark for the first time. It was merely 2 points shy of 18,200 during the session. Among the broader markets, BSE midcap index outperformed, jumping 2 per cent whereas BSE smallcap index gained a per cent. Fear gauge India VIX spiked 2 per cent, crossing above the 16 level again.

On BSE Sensex, M&M zoomed 5 per cent, whereas Power Grid and ITC advanced over 3 per cent each. L&T, Tech Mahindra, Tata Steel, Titan and Sun Pharma gained 2 per cent each. Infosys, Ultratech Cement, HCL Tech, NTPC and Reliance added over a per cent each. On the other hand, Maruti shed 3 per cent, while HUL and Nestle shed a per cent each. Axis Bank, SBI, Bajaj Finserv, Bajaj Auto and Asian Paints also settled in red. About 375 stocks hit upper circuit limits for the day while over 230 stocks hit the lower circuit. Over 180 stocks tested their 52-week highs during the session.

We have Vikas Jain from Reliance Securities to share his views on the day’s action and the road ahead:

Welcome to the show sir:

1. Sensex has gained about 2,000 points in October thus far. Do you see more legs to this rally?
2. What should one expect from US FOMC minutes and inflation data?

We also caught up with Aditya Agarwala of Yes Securities to decode the technical charts for you.
1. Nifty50 was just a few steps away from 18,200. What is next for it?
2. Nifty Bank underperformed Nifty50. Where is headed?

Asian markets settled mostly higher for the day. Major European markets were trading with mixed cues in the first few hours of trade. US stock futures were up hinting towards a positive 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!