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Let’s take a quick glance at what happened on Dalal Street today.
The BSE Sensex barely held on to 57,000 while Nifty50 survived 17,000 level on a day Covid-19 came back to haunt the market in the form of a new virus variant that has high number of mutations and is believed to be rapid in transmission. Sensex plunged 1,688 to close just above 57,100. Nifty50 plunged over 500 points to close at 17,026. Fear gauge India VIX soared 24.84 per cent to 20.80, with many sectors such as hotels, aviation and entertainment taking a beating. SpiceJet and InterGlobe Aviation plunged 7-9 per cent on fears of travel related restrictions. Hotel stocks led by Chalet Hotels and Indian Hotels plummeted up to 14 per cent. Shares of multiplex owners PVR and Inox Leisure tanked up to 10 per cent.
We have with us Arijit Malakar, Head of Research-Retail at Ashika Stock Broking, to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1) While nobody can predict how the new Covid variant will behave, would you buy stocks at these levels or would wait for 5-10 per cent correction?
2) Which are the sectors that could see weakness because of Covid fears?
We also caught up with Nilesh Jain of Centrum Broking to decode the technical charts for you.
1) What are Nifty50 charts suggesting?
2) What’s your take with Nifty Bank?
Asian markets settled 2.7 per cent lower for the day. Major European markets were trading up to 3.6 per cent lower in the first few hours of trade. US stock futures were down 1.8 per cent, hinting towards a gap-down start to the 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!