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I-T dept searches offices of Flipkart unit, Swiggy
Economist say Dec retail inflation may have fallen within RBI target
Vodafone Idea moves SC over ‘errors’ in DOT’s AGR calculation
Let us take a quick glance at what happened on the Dalal Street today.
After falling for two straight days, domestic stocks recovered smartly on Friday. Stocks gained on hopes of a jump in foreign inflows to India, as the US political uncertainty subsided. Investors are also betting on the prospects of bigger stimulus with Biden in the office.
Sensex climbed 689 points for the day to close at a fresh record of 48,783. Nifty50 settled at 14,347, up 1.48 points. Maruti Suzuki and Tech Mahindra climbed 5-6 per cent.
Infosys added 4 per cent while Bharti Airtel and UltraTech Cement advanced 3.5 per cent each. TCS ended nearly 3 per cent higher ahead of Q3 earnings. IndusInd Bank, Bharti Airtel, SBI, ITC and HDFC fell up to 1.4 per cent.
In the broader market, RVNL jumped 15 per cent to Rs 33.35 while J&K Bank hit its 10 per cent upper circuit limit at Rs 26.55.
We caught up with Paras Bothra of Ashika Stock Broking to understand whether the clarity over Biden win can really add to the foreign flows in India .
Welcome to the show, Mr Bothra
1) With the dust settling over the US political front, do you think foreign flows into domestic stocks may stay strong going forward?
2) Some estimates suggest Nifty earnings have not risen in double digits in Q3; sales are seen either flat or weak. Is the market factoring in such numbers?
On the technical charts, Nifty breached the resistance at 14,200 level hands down. Analysts see more upside going forward.
Nilesh Jain, Derivative & Technical Research Analyst at Anand Rathi Financial Services, did the chart reading for us.
Welcome to the show Mr Jain.
1) Nifty50 took out the 14,300 level in a style. What are the logical next targets?
2) What is your take on Nifty Bank?
Globally, Asian markets other than Chinese market, ended mostly higher. European markets too traded higher in the first few hours of trade. US stock futures signalled positive trend for 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!