Nifty: Market Watch: What led to the strong rally in the market? | The Economic Times Podcast
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Let us take a quick glance at what happened on Dalal Street today.
Bulls were in high spirit on Monday as domestic equity markets started the new week at record highs. Benchmark indices scripted history, thanks to all round buying in auto, metal and banking counters. Dalal Street ignored the selling in IT heavyweights as investor wealth grew by Rs 3.58 lakh crore to 247.32 lakh crore during the session. Strong global cues boosted the sentiments. BSE Sensex gyrated in the range of 650 points and was less than 50 points shy of 57,000 mark. It closed 765 points higher at 56,890. Nifty50 soared 226 points to settle above 16,930. The NSE barometer scaled to 16,950 mark during the session. Broader markets outperformed as BSE midcap and smallcap indices added up to 2 per cent each. Fear gauge India VIX eased up to a per cent.
Bharti Airtel, Axis Bank and Tata Steel led the gainers on BSE Sensex, which rallied 4 per cent each. Titan, Bajaj Finance, Maruti and SBI gained 3 per cent each. Asian Paints, Bajaj Finserv, M&M, ICICI Bank, Reliance and Sun Pharma added 2 per cent each. On the other hand, only four counters ended the day in red. Tech Mahindra declined 2 per cent. Nestle, Infosys and TCS shed up to a per cent each. Over 400 stocks hit upper circuit limits for the day, whereas about 200 stocks hit the lower circuit. 110 stocks tested their 52-week highs during the session.
We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What led to the strong rally in the Indian markets on Monday?
2. With the US Fed not suggesting the timeline for tapering, do you see some respite for domestic stocks from FPI selling?
We also caught up with Ashis Biswas from Capitalvia Global Research to decode the technical charts for you.
1. Nifty 50 was just shy of 16,900 mark on Monday. Where is it headed?
2. Nifty bank outperformed Nifty50 during today’s session. Do you see this sustaining on Technical charts?
Asian markets ended higher for the day. Major European markets were trading with early gains 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!
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