Serum, Bharat Biotech to work together to develop, supply Covid vaccines
Union Budget to be presented on February 1
Sensex takes winning run to the 10th day; rises 261 points
Videocon lenders, 12 others to meet under IRP
India’s gold imports slumps to lowest since 2009
Let us take a quick glance at what happened on the Dalal Street today.
Are Dalal Street bulls invincible? It appears so after the BSE benchmark Sensex registered a 10th straight day of rise on Tuesday. Every selloff in the market is being bought into by the bulls, leaving the bears scratching their heads.
On Tuesday, the BSE index added 261 points to take its 10-day gain to 2,884 points or 6.33 per cent. Nifty closed the day near 14,200.
In case of Sensex, Axis Bank surged 6 per cent, followed by HDFC, IndusInd Bank and TCS, which added 2-3 per cent. IT stocks were mostly up ahead of kick start of earnings season later in the week.
In the broader market, Rail Vikas Nigam and Info Edge rallied 14 per cent each. Just Dial advanced 10 per cent. MRPL, Polycab and Aavas Financiers added 8-9 per cent.
We caught up with Ajit Mishra of Religare Broking to know what could possibly put a halt on the ongoing market rally.
Welcome to the show, Mr Mishra:
1) With the surge in US virus cases and talks of lockdown in Japan, do you think virus concerns could come back to haunt markets again?
2) What’s your expectations from the Q3 earnings season?
On technical charts, Nifty50’s ruling a tad below its key resistance level of 14,200 would be closely tracked. Analysts said a decisive move above the resistance level can open up further upside targets.
We spoke to Rohit Singre, Senior Technical Analyst at LKP Securities, to decode the daily charts.
Welcome to the show Mr Singre.
1) Every intraday selling on Nifty is being bought into. What is aiding this rally in terms of technical indicators?
2) Nifty Bank is ruling near its 52-week high level. Are technical charts suggesting further upside?
Globally, other Asian markets ended mostly higher while European markets were trading mixed in the first few hours of trade. US stock futures edged higher.
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!