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Let’s take a quick look at what happened today in Dalal Street.
Benchmarks, which were trading within a range for most of Thursday’s trading, came under selling pressure towards the end of the session. The losses were led by bank names amid the expiration of weekly options contracts. Global markets, too, were not supported, as the Fed’s April policy brief suggested that a few members of U.S. central banks were keen to discuss inflation and the cut. Sensex has dropped 338 points to 49,565 levels. Nifty50 slipped 124 points and barely held above 14,900. Steel stocks such as Tata Steel, SAIL and JSPL fell 5% each, fearing Chinese brakes. Sensex ONGC, Sun Pharma and Power Grid shares lost 2-3 percent. Axis Bank, Kotak Bank and HDFC Bank fell 1-2%. Bharti Airtel, Nestle India and Asian Paints also finished lower.
M&M resisted the weak trend, rising 2% for the day. IndusInd Bank, Titan and L&T rose 1 percent.
We have Vinod Nair from Geojit Financial Services to share his take on the market:
Welcome to the show, sir:
What led to the national indices’ fag-end sell off on Thursday?
Do you think the rally in metals stocks could be threatened?
We also caught up with Rohit Singre from LKP Securities to decode the technical charts for you.
Nifty50 faced a hurdle above 15,050 today. What do the charts suggest?
Was the sale of Nifty Bank tied to the weekly expiration? Where is he going?
Asian markets mostly ended lower for the day. European markets were trading lower during the first few hours of trading. US equity futures foreshadowed a start of weakness in US stocks later in the day.