Let’s begin with the top headlines at this hour.
Sebi makes reward for whistleblowers on insider trading more attractive
Cipla gets DCGI nod to import Moderna vaccine for restricted emergency use in India
NTPC mulls IPO of renewable energy arm to raise funds
IRCTC Q4 profit tanks 23% to Rs 104 cr, misses estimates
Now, let us take a quick glance at what happened on Dalal Street today.
Dalal Street extended losses to a second straight session on Tuesday despite the government’s stimulus package to revive Covid-hit sectors. Investor sentiment remained weak as the cases of a delta variant of Covid-19 surged in Asian nations. Investors booked profits in banking and IT counters. Sensex shed 186 points to close at 52,550. Nifty50 closed just below 15,750, 66 points lower. The broader market remained under pressure, ending in the red. Fear gauge India VIX eased 3 per cent to 13.
On Sensex, Power Grid gained the most, surging over 2 per cent. It was followed by HUL, NTPC, Dr Reddy’s Labs, Nestle and IndusInd Bank, each jumping a per cent. On the flipside, Kotak Mahindra Bank and ICICI Bank topped the laggards, declining up to 2 per cent. Tech Mahindra, Bajaj Auto, M&M, SBI, Axis Bank and Maruti Suzuki shed over a per cent each.
We have Ajit Mishra from Religare Broking to share his views on the day’s market action and the road ahead:
Welcome to the show, Mr Mishra:
1. How should investors position themselves in the current phase of consolidation?
2. What are your broader expectations from June auto sales data?
We also caught up with Rohit Singre from LKP Securities to decode the technical charts for you.
1. Nifty50 could not sustain 15,800 levels. Do you see more consolidation in the coming days?
2. Nifty Bank breached 35,000 mark during the session. Where is it headed?
Most Asian markets ended with cuts for the day. Major European markets were trading higher in the first few hours of trade. US stock futures were hinting at a muted start ahead on Wall Street.
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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