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Let’s start with what really happened in the market today.
HDFC and HDFC Bank contributed to over half of Sensex’s 601 point gain today as the market rallied for the fourth consecutive day.
Investors got richer by Rs 1.28 lakh crore. More than 150 stocks hit 52-week highs. The list includes four Sensex stocks: Asian Paints, Infosys, TCS and Tech Mahindra.
For every five stocks that went up, four fell down on the BSE.
Midcaps and smallcaps underperformed the largecap. Sector wise, BSE Finance, Realty, Bankex and Auto gained up to 3 per cent. On the other hand, Metal and Oil & Gas ended marginally in the red.
All eyes are now set on the earnings season which starts tomorrow with TCS. We caught up with Ajit Mishra of Religare Broking to try and understand the market undercurrent.
Welcome to the show, Mr Mishra
Q. What were the key market drivers on Tuesday?
Q. What do you expect from TCS in Q2?
Q. The government is looking to bear the interest on the interest cost burden of up to Rs 2 crore loan. How will this change the outlook for banks now?
On the technical charts, Nifty50 saw another day of gap-up opening and the index capitalised on that by closing above the recent minor swing high at 11,636, near the August 28 closing high of 11,686.
The index has been making higher high – higher lows and is looking strong on technical indicators. Analysts said that the index is headed for the 11,800-12,000 range in coming days.
We caught up with Rohit Singre from LKP Securities to do the chart reading.
Q. Nifty formed a bullish candle for the fourth day. What is your reading?
Q. What is your reading from the F&O data?
Q. What should be the right strategy for tomorrow’s session?
Globally, other Asian markets also ended in the green. European markets traded higher in early deals. US stock index futures pointed to a slightly lower start on Tuesday as investors awaited a speech by Federal Reserve Chairman Jerome Powell on the economic outlook.
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!
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