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Let us take a quick glance at what happened on the Dalal Street today.
Domestic benchmark indices Sensex and Nifty dropped 1 per cent each on the day of weekly derivatives expiry, ahead of a public holiday on Thursday. Investors were wary of the US April CPI inflation data scheduled for later in the day. The CPI inflation, projected at 3.6 per cent, was expected to fuel concerns over inflationary pressure in the world’s largest economy and its likely impact on Fed’s dovish policy stance.
Sensex shed 471 points and ended the day just below 48,700 level. Nifty fell 1 per cent to end the day just below the 14,700 mark. It was not that bad a day for the broader market with about 1,600 stocks ending higher on BSE against 1,450-odd stocks in the red. A total of 339 stocks hit fresh 52-week highs. Sensex stocks – IndusInd Bank and Hindustan Unilever – declined 3 per cent each. ICICI Bank, ONGC, Axis Bank and Kotak Mahindra Bank remained among stocks falling over 2 per cent. Titan, Maruti Suzuki, Power Grid and SBI bucked the weak trend, rising 1 per cent each.
We have G Chokkalingam, founder and chief investment officer at Equinomics Research, to share his views on the market. Welcome to the show sir.
1) Rising US inflation is a risk, but jobs data in the US is equally important. Do you see a real threat of a US Fed rate hike?
2) Name a few investment themes that may play out in the coming months?
We also caught up with Aditya Agarwala of YES Securities to decode the technical chart for you.
1) Nifty has fallen below 14,700 level. What are charts suggesting?
2) What is your take on Nifty Bank?
Asian markets, except Chinese stocks, ended lower for the day. European markets were mixed 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!
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