Market Watch: Market may be in for more pain

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Welcome to ETMarkets Watch, the present about shares, market tendencies and money-making concepts. I’m Atul P.M. and listed below are the highest headlines at this hour.

India information 14,199 new Covid instances in 24 hours
D-Street rout erodes Rs 3.8 lakh crore of investor wealth
SC halts Future’s Reliance deal on Amazon plea
India prone to clear 45 investments from China
10-year bond yields rise for third day to six.2%
Petrol, diesel costs unchanged for 2nd consecutive day

Monday’s shares rout marked the fifth day of fall in the benchmark inventory indices, and if one had been to go by analyst projections, the benchmark indices may see one other 3-5 per cent correction from right here on. Sensex slipped beneath the 50,000 mark for the primary time since February 2. The 30-pack index tanked 1,145 factors, whereas its NSE counterpart Nifty fell 2 per cent to shut at a sub-14,700 degree. The market breadth remained weak, with two shares falling for each one that rose.

Dr Reddy’s Labs, M&M, Tech Mahindra and IndusInd Bank tumbled 4-5 per cent. Axis Bank, TCS L&T, RIL and 4 different Sensex shares fell 3-4 per cent.

We have with us Narendra Solanki of Anand Rathi Financial Services to clarify the market behaviour.

Welcome to the present, Mr Solanki
What led to the sharp drop in the indices? How a lot additional draw back do you see in the indices?

What would be your recommendation to buyers?

On Technical charts, Nifty50 signalled weak point and was hinting at additional fall. We caught up with Nirav Chheda from Nirmal Bang Securities to decode the charts.

Welcome to the present, Mr Chheda
Nifty fall has been steep. What are charts suggesting?

Where do you see Bank Nifty heading in the approaching days?

Other Asian markets, besides for Japan, settled in the purple. European markets traded as much as 1 per cent decrease in the primary few hours of commerce. US inventory futures hinted at a weak begin for US equities later in the day.

That’s all for now. Do take a look at ETMarkets.com for all of the information, market evaluation, funding methods and dozens of inventory suggestions. Enjoy your night. Bye Bye!





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