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Market Watch: What triggered the smart recovery on D-Street today? | The Economic Times Podcast

Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Atul P.M. and here are the top headlines at this hour.

Kotak Bank Q4 net profit rises 33% YoY, below estimates
India’s Covid cases near 20 million-mark
Factory activity picks up slightly, prices surge
Centre unwilling to impose nationwide lockdown
Analysts grow cagey about YES Bank post Q4 earnings
PowerGrid InvIT IPO sails on Day 3, subscribed 3x
Ethereum hits fresh record, eyes $3,000 barrier

Let us take a quick glance at what happened on the Dalal Street today.

Benchmark indices staged a smart recovery after falling steeply earlier in the day. The BSE Sensex, which came close to testing sub-48,000 level after a 750-odd point fall, recovered smartly as the session progressed. It eventually closed 64 points lower at 48,719. Nifty50 fared better, closing flat at 14,634.

Reliance Industries and a host of bank stocks were the key drags, but an up to 4 per cent rise in shares of Bharti Airtel, HUL, Bajaj Finance and 15 other stocks offset the weakness to a large extent. Sugar stocks such as Bajaj Hind, Balrampur Chini and Dhampur Sugar Mill rallied 17-20 per cent. Stocks such as AU SFB, Sun TV, Titan and YES Bank tanked 4-8 per cent for the day.

We have with us Narendra Solanki of Anand Rathi Financial Services to share his views on the market.
Welcome to the show, sir.

What triggered the steep recovery in domestic stocks today?
There would be many investors waiting on the sidelines amid rise in Covid cases. What would be your advice to them?

We also caught up with Nirav Chheda of Nirmal Bang Securities to decode the technical charts for you.
Nifty saw a strong recovery from 14,400 levels. What are the charts suggesting?
It was a weak day for Bank Nifty. Are technical charts suggesting further downside?

China and Japanese markets were closed for the day. Other Asian markets largely ended lower for the day. European markets were trading higher in the first few hours of trade. US stock futures were hinting at a firm 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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