Market Watch: Should D-Street investors be cautious now?

First, let’s start with the top headlines at this hour.

Tata Motors tanks as JLR issues profit warning over chip shortage
Oil soars to multi-year highs after OPEC+ talks collapse
Dolly Khanna hikes stakes in two small-cap stocks in June quarter
Senior executives from Tata Motors, Renault quit, join Mahindra
GST collections dips below Rs 1 lakh crore mark in June

Now, let us take a quick glance at what happened on Dalal Street today.

Domestic equity benchmarks erased the day’s gains to end just below the flatline on Tuesday amid fag-end selling on Dalal Steet. Investors booked profits in shares of select auto and IT companies, and PSU banks. Some buying was witnessed in private bank scrips, providing some support to the market. BSE Sensex scaled a new high before giving up all of the day’s gains to settle at 52,861, down 20 points for the day. Nifty50 shed 18 points to end at 15,818. The BSE midcap index rose whereas the smallcap gauge ended in the red. Fear gauge India VIX rose 2 per cent.

On Sensex, Tech Mahindra and TCS were among top losers, shedding 2 per cent each. They were followed by Maruti Suzuki, Reliance, Sun Pharma, Infosys and M&M, each declining over a per cent. Ultratech Cement and HDFC Bank topped the gainers, surging 3 per cent each. Bajaj Finance jumped 2 per cent. Bajaj Finserv, Kotak Mahindra Bank and IndusInd Bank gained a per cent each.

We have Ajit Mishra from Religare Broking to share his views on the day’s action and the road ahead:

Welcome to the show, Mr Mishra:

1. Markets are touching all-time highs. Should investors be cautious at the moment?
2. Which sectors appear to be a good ‘unlock’ play at the moment?

We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.

1. Nifty50 hit 15,900 levels before retreating. Where is it headed?
2. Nifty Bank is lifting the market. What do the technical charts suggest?

Asian markets ended mixed for the day. Major European markets were trading lower in the first few hours of trade. US stock futures were trading flat, hinting towards a muted start on Wall Street 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!