Live news, news, company news, company news, industry news, business news, results analysis news, CEO interviews, fund manager interview, interview with an advisor, market news, bazaar talk, hot stock news, IPO news, commodities news, mutual fund news, insurance news, newswire

Equity markets opened the gap due to moderate global indices. Although he tried to recover, he fell again in the second half of the day. Both NIFTY / Sensex lost 171/587 points (-1.1% each) to close at 15,752/52,553. The broad market was mixed with Nifty Midcap 100 down 0.8% while Nifty Smallcap 100 remained stable at slightly positive (+ 0.03%). With the exception of Real Estate (+ 0.4%) and Pharma (+ 0.2%), all other sectors finished in the red. The Nifty Private Bank index (-2.0%) was the worst performer, dragged down by the heavyweight of the HDFC Bank index which fell -3.3% after posting weak results. Nifty Bank (-1.9%), metals (-1.4%), automobiles (-1.1%) were among the other big losers. Media, IT, consumer products lost between 0.2% and 0.5%. India VIX edged up 8.4% to close at 12.68.

Globally, markets have remained weak as investors have become pessimistic about the increase in the Delta variant of Covid-19 cases, fears of a possible foreclosure and the impact of the rising price. inflation on economic recovery.

Back home, following the global trend, domestic stocks also came under selling pressure and ended down more than 1%. Sales were seen in banking and financial services stocks after HDFC Bank’s net profit fell short of expectations as bad debt provisions increased and asset quality deteriorated.

Real estate stocks were the center of attention today following the announcement that the country’s leading developers have raised residential prices by 8-10% due to rising prices for inputs, such as cement. , steel, etc.

The primary market was in full swing as 2 new stocks listed at a significant premium after getting a blockbuster subscription. Clean Science shares listed with a 98% premium at Rs 1,784 over its issue price of Rs 900 while GR Infra shares debuted at Rs 1,700, a 103% premium over its IPO price of Rs 837.

Commenting on the market outlook, Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services expressed his opinion, “Technically, Nifty has formed a Doji candle on a daily scale with long shadows on either side and canceled his higher highs – the formation of higher lows from the last five sessions. Now he has to cross and hold on to the above 15,750 areas to witness a rise to 16,000 levels while on the downside, support exists at 15,700/15,600 levels.

The Q1 earnings season so far has been mixed and has led to some industry / equity specific actions that are expected to continue. It can also provide investors with insight into the extent of the economic recovery through management commentary. The market has consolidated near its highest living standards over the past two weeks. While drops are accepted, tracking is lacking at higher levels, suggesting some fatigue.

Overall, equity markets have shown strong resilience even as they face headwinds related to the advent of a possible third wave of COVID and persistent inflation readings leading to a potential rate hike. This time around, restrictions were localized and less stringent compared to the CY20 lockdown, leading to positive macro data points on both the global and domestic front, giving investors confidence for the economic rebound. . Therefore, it would be a tough fight between the Bulls and Bears in the next few days and we have to be vigilant about possible moves back and forth. “

Disclaimer: IRIS has used diligence and caution in compiling data for its website. The information was obtained by IRIS from sources it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of the information and is not responsible for any errors or omissions or the results obtained from the use of this information. IRIS specifies in particular that it assumes no financial responsibility of any kind towards any user as a result of the use of the information provided on its website.

Source link

About Mike Stevenson

Check Also

Reaction to the release of oil reserves, will it lower gas prices?

SAVANNAH, Ga. (WSAV) – The average U.S. gasoline price Tuesday was $ 3.40 per gallon. …