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.
Vaccine Task Force co-chair says approvals for J&J jabs soon
UP govt okays 60-hour-long weekend curfew in entire state
Pace of business resumption plummets in second week of April
Nestle India logs 15% rise in Q1 profit, beats estimates
Dogecoin’s $50-bn market cap makes it bigger than Ford and Kraft
Let us take a quick glance at what happened on the Dalal Street today.
A strong start to the day was sold into, as benchmark indices settled half-a-per cent lower on what first appeared to be a promising day for the market.
Sensex fell over 750 points from the day’s high and ended the day around 47,700 level, down 244 points.
Nifty lost half-a-per cent to close below 14,300. UltraTech Cement plunged 5 per cent; IT firms HCL Tech and TechM fell up to 4 per cent. HDFC twins declined up to 3 per cent. FMCG majors ITC and HUL ended over 1 per cent lower. Select auto stocks such as Maruti, Bajaj Auto and M&M rose 2 per cent each. Bajaj Finserv climbed 4 per cent while Bajaj Finance added 3 per cent. L&T gained 2 per cent.
We have Binod Modi of Reliance Securities with us to share his views on the market.
Welcome to the show sir.
1) Despite a solid start, the market could not hold gains. Why?
2) Given the steps the government has taken on vaccination supplies, do you think the economic impact of Covid 2.0 could be quite lesser than Covid 1.0?
We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.
1) Nifty on Tuesday tested both its support and resistance levels. How would you read the daily chart?
2) Nifty Bank performed in line with Nifty. What are key levels here to watch out for?
Asian markets ended mixed for the day; European markets were trading lower in the first few hours of trade. US stock futures were hinting at a negative 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!