Market Watch: Midcap index @ fresh record high. Will Q3 earnings justify optimism? | The Economic Times Markets Podcast

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Market Watch: Midcap index @ fresh record high. Will Q3 earnings justify optimism? | The Economic Times Markets Podcast


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.

Sensex, Nifty decline for 2nd day; broader market outperforms
India’s economy estimated to contract by 7.7% in current fiscal year
NHAI readies launch of first government-sponsored InvIT
Crypto market value tops $1 trillion as Bitcoin hits $38,000
Rupee plunges 20 paise to end at 73.31 against dollar

Let us take a quick glance at what happened on the Dalal Street today.
Dalal Street bulls never looked confident as they pushed benchmark indices higher earlier on Thursday. The result? They surrendered completely in the later session. Sensex fell 465 points from day’s high to close at 48,093, down 81 points. Nifty50 settled at 14,137. Infosys and FMCG majors ITC and Hindustan Unilever weighed on indices.

Hindustan Unilever and ITC fell up to 2 per cent. Bharti Airtel climbed 3.7 per cent, followed by IndusInd Bank, Axis Bank and Bajaj Finserv which added 2-3 per cent.

In the broader market, IDFC soared 12.4 per cent while Indiabulls Realty surged 14 per cent. IDFC First Bank advanced 11 per cent. Bharat Forge 9 per cent, LIC Housing 7 per cent and Jindal Steel 5 per cent.

We caught up with G Chokalingam of Equinomics Research & Advisory to know about the prevailing valuations and the ongoing rally in the midcap stocks.

Welcome to the show, Mr Chokalingam.

1) Do you find the market valuation expensive?

2) Midcap index is at record high levels now. Do you think Q3 earnings could justify optimism in midcap space?

On technical charts, the level of 14,200 is proving as a key resistance. Analysts expect the level to be taken out soon. We spoke to Ashis Biswas, Head of Technical Research of Capital Via to decode the daily charts.

Welcome to the show Mr Biswas.

1) How big is 14,200 a hurdle for Nifty50? Can we expect the index to take out soon?

2) What is your view on Nifty Bank?

Globally, other Asian markets ended mostly higher but European markets were trading mixed in the first few hours of trade. US stock futures were ruling 0.6 per cent 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!





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