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Let us take a quick glance at what happened on Dalal Street today.
Benchmark equity indices tanked for the second straight session on Friday, as Fed comments failed to assure the bond market’s inflation concerns, and a freeze on the oil output cap by a cartel of oil-producing nations pushed crude prices higher. Adding to jittery sentiment was a strengthening dollar that threatens foreign inflows.
Sensex sheds 440 points to end just above the 50,400 level. Nifty slipped below the 15,000 mark and closed near 14,940 level. IndusInd Bank plunged almost 5 per cent. SBI slipped 3 per cent. PowerGrid, Dr Reddy’s Labs and NTPC declined nearly 2 per cent each. ONGC, Maruti Suzuki and Kotak Bank were among a few exceptions that gained over 1 per cent each. Despite the harsh session, debutant Heranba managed to settle 30 per cent higher.
We have Paras Bothra of Ashika Stock Broking to explain the market behaviour.
As Brent crude prices rise, which sectors do you think will be hit the most. Which sector may cheer the oil price rally?
Do you think market valuations are ignoring the risk of a spike in inflation?
On the technical charts, Nifty slipped below the immediate resistance at the 15,000 mark and ended up forming a Spinning Top candle on the daily scale and a Shooting Star-like pattern on the weekly scale.
We caught up with Nilesh Jain of Centrum Broking to decode the technical charts.
Welcome to the show, Mr Jain
Nifty today fell below the crucial mark of 15,000. What are daily and weekly charts suggesting?
Nifty Bank looks weak. What are charts telling?
Asian markets settled marginally lower. European markets were also trading up to 1 per cent lower in the first few hours of trade. US stock futures were hinting at a negative 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!
