Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Atul P. M and here are the top headlines at this hour.

BigBasket in talks to sell majority stake to Tata Group
NSDL flip-flops on Bharti Airtel’s foreign ownership limits
Titan Q2 profit drops 38% YoY to Rs 199 crore in line with estimates
Dr Reddy’s Q2: Profit dips 30% YoY to Rs 762 crore but beats market estimates
Bharti Airtel to stay away from 5G auctions next year, as prices exorbitant

Let us take a quick glance at what transpired on Dalal Street today:

Stock market investors became poorer by Rs 1.59 lakh crore as profit booking in bank and financial stocks put immense pressure on benchmark indices. Sensex dropped almost 600 points to 39,922, while Nifty ended at 11,729

Among blue chip names, mortgage lender HDFC contributed the most to Sensex’s losses as it shed 3.44 per cent to Rs 1,969.05. Telecom major Bharti Airtel bucked the trend and rose 4.26 per cent to Rs 451.25, as it reported highest ever sales in September quarter, and narrowed its year-on-year losses.

With the meltdown in the global market continuing, the pressure is impacting the domestic market as well. Is this the start of a downtrend in the near term? To figure this and more, we caught up with Vinod Nair, head of research at Geojit Financial Services.

Welcome to the show Mr. Nair

1) How do you see the market direction shaping up from here?
2) What is your take on corporate earnings so far?
3) Which sectors do you think are more vulnerable now?

On the technical front, analysts said Nifty has overruled the possibility of triangle consolidation by breaking the low of 11,700, and it may now follow the zigzag corrective pattern, in which it could hit the levels of 11,600 or 11,550.

We spoke to Nagaraj Shetti, technical research analyst, HDFC Securities, to understand what the charts foretell.

Welcome to the show, Mr Shetti

1) What is the Nifty chart telling you?
2) Which sectors do you think can sustain gains for now?
3) What is the outlook for the market until Diwali?

Elsewhere, Asian and European shares extended losses on fears of a new national lockdown in France and tighter movement curbs elsewhere to curb a surge in coronavirus cases.

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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