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Let us take a quick glance at what happened on the Dalal Street today.
Benchmark indices at last took a breather on Wednesday after back-to-back gains seen in the last two sessions.
After gaining in the initial session, the indices ended almost at day’s lows, thanks to selling seen in banking names. The BSE Sensex lost 291 points to close below the 50,000 level. Nifty 50 fell half-a-per cent, but made sure the index does not fall below the 15,000 level at any point in time. The momentum in the broader market was strong, with three stocks rising for every two that fell. Overall, 437 stocks hit their upper circuit limits while 309 stocks touched their fresh 52-week low for the day. IOC, HPCL, UPLand Pidilite were four BSE100 stocks hitting their fresh 52-week highs.
Among Sensex stocks, Bajaj Finserv, HDFC and M&M declined 1.7 per cent each. Bharti Airtel, UltraTech Cement and Kotak Mahindra Bank dropped up to 1.5 per cent. Sun Pharma, Nestle India and TechM rose over 1 per cent.
We have Binod Kumar Modi, Head of Strategy at Reliance Securities with us to share his views on the market:
Welcome to the show, sir.
BSE midcap index is up 18% this year against Sensex’s 5% rise. What explains this trend?
What may give the market a clear direction going ahead?
We also caught up with Aditya Agarwala of YES Securities to decode the technical charts for you.
Nifty50 held on to the 15,000 level on a closing basis. Is the positive momentum intact?
Nifty Bank saw selling pressure around the 34,000 level. What is your take on the index?
Asian markets ended mostly lower for the day. Major European markets were down 1 per cent each in the first few hours of trade. US stock futures were hinting at a weak 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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