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Nifty: Market Watch: Is it time to book profits in midcap stocks? | The Economic Times Podcast

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

ITC to invest $2 bn for capacity expansion
BPCL Q1 net profit sinks 28% YoY to Rs 1,502 cr
India’s exported 5.11 mn ton sugar so far this year: AISTA
Passenger vehicle sales up 45% in July 2021
Tatas to realign private equity business
Augment Infra invests Rs 1,650 cr in Cleanmax

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

Bulls were back on Dalal Street, pushing the domestic benchmark indices to fresh highs. IT and financial counters were on the radar of investors as the unexpected drop in US consumer price inflation relaxed the investors. However, Fed officials continued hawkish commentary. BSE Sensex scaled new high of 54,874 before settling about 320 points higher, just below the 54,850 mark. Nifty50, which gained over 80 points during the day, ended the day just 10 points below its new peak of 16,375. Broader markets outperformed, with BSE midcap index gaining over one per cent, while smallcap index jumped 2 per cent. Fear gauge India VIX eased 3 per cent.

On BSE Sensex, Power Grid soared 6 per cent and Tech Mahindra rallied 5 per cent. HCL Tech and Titan jumped 3 per cent each, whereas L&T and NTPC gained 2 per cent each. ICICI Bank, Bajaj Auto, Infosys and Tata Steel each added up to a per cent. On the flip side, Dr Reddy’s Labs and IndusInd Bank shed over half a per cent each. Axis Bank, M&M, Reliance, SBI and Maruti were other constituents ending in the red. Over 425 stocks hit upper circuit limits for the day, whereas about 70 stocks tested their 52-week highs during the day.

We have Vinod Nair from Geojit Financial Services with us to share his views on the day’s action and the road ahead:

Welcome to the show, sir:

1. What was behind the investor optimism on Thursday?
2. Many analysts are suggesting investors to book profits in midcaps and shift focus to largecaps. Why is there so much caution all of a sudden?

We also caught up with Ashis Biswas of CapitalVia Global Research to decode the technical charts for you.

1. Nifty scaled a new high on the day of weekly expiry. Where is it headed?
2. Nifty Bank was lagging behind today. What do the technical charts suggest about it?

Asian markets ended mostly lower for the day. Major European markets were trading higher in the first few hours of trade. US stock futures were flat hinting towards a muted 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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