Nifty: Market Watch: Sectors that are looking attractive amid the volatility

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

Domestic equity benchmarks erased early gains to end with cuts on Wednesday. The market turned volatile as investors took some profits off the table ahead of the June series derivative expiry and Reliance AGM. Profit booking in select heavyweights and financial counters dragged the indices lower. Sensex shed over 600 points from the day’s high to end just above 52,300. Nifty50 lost 80 points to close at 15,693. BSE Midcap and Smallcap indices ended in red, whereas fear gauge India VIX rose 4 per cent.

On Sensex, Kotak Mahindra Bank, L&T, Tata Steel and TCS shed over one per cent each. They were followed by Axis Bank, ICICI Bank, HDFC and Reliance, which lost up to a percent each. On the flip side, Maruti Suzuki gained over 2 per cent. Titan, Bajaj Finserv and M&M jumped up to a per cent each. About 465 stocks hit upper circuit limits for the day and 195 stocks tested their 52-week highs during the day.

We have Binod Modi from Reliance Securities to share his views on the day’s action and the road ahead:

Welcome to the show sir:
1. Indices are seeing pressure at higher levels. Do you think this consolidation phase may continue for some time?
2. Considering the current volatility in the market, which sectors are looking attractive?

We also caught up with Amit Trivedi of Yes Securities to decode the technical charts for you.
1. Where do you see Nifty50 ending the June F&O series at?
2. What should be the strategy for Nifty Bank traders?

Most Asian markets ended mixed for the day. Major European markets were trading with cuts in the first few hours of trade. US stock futures were hinting at a mildly 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!