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.
· Govt not planning more ETFs for disinvestment
· JK Tyre, others face anti-trust scrutiny
· Moody’s says global uncertainty to weigh on Tata Motors
· Pfizer may apply for Covid-19 vaccine use by late Nov
· HCL Tech beats projections, Q2 profit rises 18.5%
· Diesel sales exceed year-ago level ahead of festivals
Let's take a look at what really happened in the market today.
Metal stocks gained on Friday and banks rebounded to help the benchmark indices bounce back from Thursday’s big selloff, but Nifty50 still snapped its two-week winning streak.
Sensex rose 0.64 per cent, or 254.57 points, to 39,982, while Nifty climbed 0.70 per cent, or 82.10 points, to 11,762 mainly on gains in private bank and top IT shares.
The broader market staged a better recovery, with BSE midcap index rising 1.05 per cent and the Smallcap index 0.97 per cent. Some 232 stocks dropped by their lower limits, compared to 199 that hit upper circuits.
There is uncertainty on the market direction in the near term as September quarter earnings season picks up. We caught up with Vinod Nair, head of research at Geojit Financial Services to understand his views on what lies ahead.
Welcome to the show, Mr Nair.
Q. What will be the market direction from here on? Will it be in consolidation mode or will the rally resume?
Q. Midcap IT stocks have seen a sharp correction. What is hurting this pack?
Q. We are staring at an earnings-heavy week ahead. How do you expect Q2 earnings to pan out?
Technically, the occurrence of an ‘Inside Bar’ pattern on Nifty’s daily chart a day after the formation of a long bearish candle signalled resilience. We have Nagaraj Shetti, technical research analyst of HDFC Securities to do the chart reading.
Welcome to the show, Mr Shetti.
Q. What are the Nifty charts telling you?
Q. What lies ahead for Bank Nifty, considering that it has been one of the worst performers this year?
Q. How do you expect the market to fare next week?
Elsewhere, Asian and European markets remained shaky as hopes for a new round of US fiscal stimulus were overshadowed by fresh curbs to tackle a sudden spike in Covid cases. US stock futures ticked up ahead of retail sales and industrial production data.
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!