nifty: Market Watch: Are investors wary of entering D-St at current levels?

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

-India’s power shortage worst since October
– India extends stock limit on edible oils
– Government to return all bank guarantees to telcos
-War may shorten supply of sunflower oil
-Domestic steel demand to take a hit soon
-Petrol, diesel prices see the ninth hike in 10 days

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

After notching up hefty gains over the last couple of days, domestic equity markets slipped on the last day of the financial year as mounting concerns over the US Federal Reserve’s aggressive rate hike plans worsened fears of sustained overseas investment outflows.

Investors were also wary of counting on an imminent resolution to the war between Russia and Ukraine as peace talks between the two failed to lead to a concrete call to lay down arms.
A decline in crude oil prices provided some relief to traders and helped ease concerns about higher domestic inflation.

On the day of the expiry of monthly futures and options contracts, FMCG and media counters saw firm buying while banks also gained. IT, pharma and healthcare stocks saw selling pressure.
The BSE barometer Sensex swung in a band of 405 points before settling 115 points lower at 58,568.51. The index has gained more than 1,200 points over the last five trading days.

Its broader peer, the Nifty50, gyrated 125 points to settle just below the 17,500 mark. In the course of the day, the index came close to breaching the 17,400 level.

Even as the headline indices fell, broader markets gained, with the BSE midcap and smallcap indices each adding 0.3 per cent. Fear gauge India VIX fell 0.2 per cent to end at 20.56.
On the BSE Sensex, 15 stocks gained and the remaining 15 registered losses.

M&M led the gainers for the day with a 2 per cent rise, followed by HUL, which added 1.7 per cent. Axis Bank rose 1.4 per cent, while IndusInd Bank and Bharti Airtel each gained more than 0.5 per cent.
Reliance led the losers for the day with a 1.5 per cent fall, while Wipro shed 1.4 per cent. Dr Reddy’s slid 1 per cent, while Ultratech, Infosys and Maruti each gave up more than 0.5 per cent.

286 stocks hit their upper circuit during the day, whereas 225 tested their lower circuit limits. 49 stocks tested their 52-week highs during the session, whereas 36 tested their 52-week lows.
We have Vinod Nair from Geojit Financial Services to share his views on the action and the road ahead:

Welcome to the show sir:
1. After the strong rally of the past two days, markets traded on a subdued note today. Are investors wary of entering at current levels?
2. Broader markets outperformed the headline index. How should retail players approach those segments?

We also caught up with Sameet Chavan of Angel One to decode the technical charts for you.
1. The Nifty50 settled below the 17,500 level. What do the technical charts suggest about it?
2. Bank Nifty managed to notch up gains even as the headline index fell. What is your outlook?

Asian markets settled with losses for the day. Major European markets were trading with cuts in the first few hours of trade. Meanwhile, US stock futures were up, signalling a strong 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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