Sensex snaps 10-day winning streak
Telecom spectrum auction to start from March 1
Petrol, diesel prices rise after over a month-long pause
Govt considers creating bank with $13.7 bn equity to fund roads, ports
India’s Services PMI eases but remains in expansion zone
Let us take a quick glance at what happened on the Dalal Street today.
It was another day of an intraday fall on Wednesday. But unlike the previous few sessions, D-Street bulls this time failed to bring indices back into the black. Sensex snapped its 10-day winning streak by falling 264 points to settle at 48,174.06. Nifty settled the day below the psychological 14,150-mark.
In case of Sensex, selling pressure was observed on two index heavyweights Reliance Industries and ITC, which ended 2.6-2.8 per cent lower for the day. Bajaj Finance, Axis Bank, HCL Tech, HUL and TCS were among some of the index stocks falling over 1 per cent for the day. Power Grid bucked the weak trend and was up 4.3 per cent.
In the broader market, Venky’s fell 6 per cent amid concerns over bird flu in India. Bajaj Hindusthan Sugar rallied 10 per cent, Hindustan Zinc surged 8.3 per cent, while Vedanta climbed 6.6 per cent for the day.
We caught up with Narendra Solanki of Anand Rathi Shares & Stock Brokers to understand why the market reacted the way it did on Wednesday.
Welcome to the show, Mr Solanki:
1) Can you explain to us a bit what this US political uncertainty is all about and why the market showed a knee-jerk reaction today?
2) What’s your expectations from the Q3 earnings season?
On technical charts, Nifty50 made its first bearish candle in 11 trading sessions. We spoke to Amit Trivedi, a CMT and Technical Analyst for Institutional Equities desk at YES Securities on his technical reading of the key indices.
Welcome to the show Mr Trivedi
1) Do you think today’s trade has dented the bullish momentum on Nifty charts?
2) Nifty Bank wasn’t impacted much today. What’s the outlook for the index?
Globally, other Asian markets ended mostly mixed but European markets were trading higher in the first few hours of trade. US stock futures edged 0.3 per cent lower.
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!