Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nikhil Agarwal and here are the top headlines at this hour.
Sensex leaps another 529 points, Nifty just a tad below 13,750
Indian economy reviving at unforeseen pace, says RBI
Flipkart reshuffles board even as it prepares for an IPO
India challenges Vodafone arbitration ruling in Singapore
Apple ramping up local sourcing of iPhone parts
Let us take a quick glance at what happened on the Dalal Street today.
Stock investors became richer by Rs 1.5 lakh crore as Sensex recorded its eighth weekly gain, the longest since 2018. Sensex has also wiped off all losses incurred in Monday’s crash. Both Sensex and Nifty rose by a per cent each, led by gains in Reliance Industries and financials.
RIL advanced 2.6 per cent, while mortgage lender HDFC added 2.2 per cent and top private lender HDFC Bank rose 1.5 per cent.
Shares of Mrs Bectors Food Specialities, which got listed on the stock exchanges today, closed at Rs 595.55, implying a gain of nearly 107 per cent.
With exuberant markets, a question arises as to how much more steam is left in the rally? Will the IPO party continue to rock? To discuss this and more, we caught up with Mr Vinod Nair, head of research at Geojit Financial Services.
Welcome to the show, Mr Nair.
1) What is driving the market higher? How much more upside do you see for the frontline indices?
2) What are your thoughts on the BFSI space?
3) Mrs Bectors saw a stellar listing. How do you see the IPO market shaping up in days to come?
Technically, Nifty has formed an inside bar kind of candle pattern on the daily chart. The index has reached its upper band of resistance which was at 13,775. Going forward, if it manages to sustain above that level then the rally may continue, said analysts.
We caught up with Rohit Singre, senior technical analyst at LKP Securities, to decode the charts.
Welcome to the show, Mr. Singre,
1)What does the Nifty chart tell you? How much more upside is left?
2)Where is Bank Nifty headed?
3)Which stocks do you think can deliver decent gains over the next one month?
Globally, stocks rallied as the Brexit deal seemed imminent and investors placed their bets on a global economic recovery.
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!