Market Watch: Is today’s crash a harbinger of bad times?
Indian economy out of technical recession; Q3 GDP expands 0.4%
10-year government bond yield jumps to 6.23%
D-Street selloff takes Rs 5.4 lakh crore off investor wealth
Rupee tanks 104 paise to close at 73.47 against US dollar
RailTel defies all odds, rallies 29% on listing day
Let us take a quick glance at what happened on the Dalal Street today.
It’s the bond market that rang the opening bell for Dalal Street on Friday and it was really an ‘alarming’ one!
Stocks crashed from the word go, tracking surging US bond yields. Sensex eventually lost over 1,900 points, its lowest daily fall since May 2020. Nifty50 slipped below 14,550 in one of the steepest market falls in recent times.
To be sure, none of the Sensex stocks settled higher. ONGC, Power Grid and M&M plunged 6 per cent each, Axis Bank and Kotak Mahindra Bank tanked 5-6 per cent; the HDFC twins and ICICI Bank declined 4-5 per cent.
That said, debutant RailTel defied all odds, climbing 29 per cent on its listing day.
We have with us Paras Bothra of Ashika Stock Broking to share his views on the market.
Welcome to the show, Mr Bothra
1) How would you see this market selloff? Do you see more pain ahead?
2) What the current valuations are pricing in and what they aren’t?
On the daily technical charts, Nifty50 has formed a long bearish candle. We caught up with Nilesh Jain of Centrum Broking to decode the charts.
Welcome to the show, Mr Jain
1) Do you see the next logical Nifty target at 14,300? What does chart reading suggest?
2) What’s the trend on Bank Nifty’s daily and weekly charts?
Asian markets settled up to 4 per cent lower. European markets were trading lower in the first few hours of trade, but there wasn’t any selloff. US stock futures were hinting at a positive 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!
