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Sensex: Market Watch: Is the worst of market correction behind us? | The Economic Times Podcast

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Sensex: Market Watch: Is the worst of market correction behind us? | The Economic Times Podcast

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

> Five dead in TN chopper crash; CDS Rawat’s condition unclear
> RBI hikes variable reverse repo rate quantum
> All 5G equipment from trusted sources: Govt
> Nissan to provide monthly offers to customers
> Fitch slashes India’s GDP forecast to 8.4%

Let us take a quick glance at what happened on Dalal Street today.

Bulls continued to thump on Dalal Street on Wednesday as benchmark indices cheered the RBI’s policy outcome. The central bank’s dovish tone and waning concerns over the Omicron variant boosted the morale of investors. Across the board buying was visible on Street, with PSU Banks, auto and media sectors at the forefront.

BSE barometer Sensex rallied more than 1,000 points to close at 58,650, just 50 points shy of the day’s peak. Its broader peer, Nifty50, gained close to 300 points to settle at the 17,470 mark. Broader markets gained in line with the headline peers. Both BSE Midcap and Smallcap indices added over a per cent each. Fear gauge India VIX eased over 6 per cent to slip below 18 level.

Only two stocks — Kotak Mahindra Bank and Power Grid — settled in red in the Sensex pack. A 4 per cent rally in Bajaj Finance put it at the top of the gainers’ pack. It was trailed by Maruti Suzuki, SBI, Bajaj Finserv, Asian Paints and ICICI Bank that rallied 3 per cent each. Infosys, Airtel, Tata Steel, IndusInd Bank, HCL Tech, ITC, Sun Pharma, HDFC Bank, M&M, Tech Mahindra, Ultratech Cement, NPTC and Reliance added 2 per cent each.

More than 400 stocks hit upper circuit limits for the day and over 150 stocks hit lower circuits. As many as 75 stocks tested their 52-week highs during the session.

We have Likhita Chepa from CapitalVia Global Research to share his views on the day’s action and the road ahead. Welcome to the show ma’am:
1. Market witnessed a strong rally on Wednesday. Do you think the worst is behind us?
2. What are the key takeaways from RBI’s policy outcome?

We also caught up with Aditya Agarwala of Yes Securities to decode the technical charts for you.
1. Nifty 50 scaled 17,450 during the session. What is your take on it?
2. Nifty Bank continued its outperformance. Where is it headed now?

Asian markets settled higher for the day. Major European markets were trading with cuts in the first few hours of trade. US stock futures were up, hinting towards a positive 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!

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