Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nikhil Agarwal and here are the top headlines at this hour.
Dalal Street investors lost Rs 2.6 lakh crore in 6 hours
Axis Bank Q3 profit falls 36% to Rs 1,117 cr on higher provisioning
HUL Q3 profit jumps 19% but below Street estimates
Fuel prices hit record high; branded petrol crosses Rs 100-mark in Rajasthan
Marico says Q3 net rises 13% to Rs 312 crore
Let us take a quick glance at what happened on the Dalal Street today.
The bear mauling continued on Dalal Street for the fourth straight day as investors continued to lighten their positions ahead of the all-important Budget next week. Asset quality concerns hit banks while shares of RIL slipped further as Amazon tried to block Future Group assets’ deal.
The 940-odd plunge on Wednesday took the four-day Sensex losses to nearly 2,400 points, eroding over Rs 8 lakh crore worth of investor fortunes. It also ensured that Nifty heads towards the F&O expiry day below the 14,000-mark.
Axis Bank tanked 4 per cent ahead of its Q3 results. Titan also declined 4 per cent. IndusInd Bank, HDFC Bank, Dr Reddy’s Labs and HDFC fell up to 4 per cent.
In the broader market, CPCL plunged 20 per cent on Q3 losses; Aptech tanked 10 per cent. Cyient soared 11 per cent on positive brokerage reports. MMTC and Hindustan Copper advanced 7 per cent each.
We caught up with Rusmik Oza of Kotak Securities to understand his views on the market
Welcome to the show, Mr Oza
1) After the sharp correction, which pockets look attractive to you?
2) How has been the earnings season so far? Are you disappointed?
On technical charts, Nifty made a long bearish candle for the fourth day. We caught up with Aditya Agarwala of YES Securities to decode the charts.
Welcome to the show, Mr Agarwala
1) Why this sudden sharp fall? Are we headed for more pain? What does the daily Nifty chart suggest?
2) What is your take on Bank Nifty?
Asian markets ended largely mixed. European markets were trading in the red in the first few hours of trade. US stock futures were hinting at a negative start for 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!