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Market Watch: Will the market momentum sustain?

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.

Gautam Adani seals the largest deal in India’s renewable sector with SB Energy buy for $3.5 billion
Tata Motors unveils sub-compact SUV Punch
Ceat invests Rs 60 lakh in wind energy to source clean power for its Maharashtra plants
Consumption recovery to improve from 2022, says Morgan Stanley
Housing market rebounds in Sept quarter, says Knight Frank India report
and
ICRA revises India energy demand outlook

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

The domestic equity market snapped the four-day losing streak and kicked off the week on a strong note. Benchmark indices scripted a strong comeback after last week’s correction. All the sectors participated in the rally as traders await RBI’s monetary policy and Q2 earning season later this week. Privatisation hopes fired multiple metal counters. Investors grew richer by Rs 3.17 lakh crore. BSE Sensex gained about 536 points to settle just shy of 59,300 mark. Nifty50 gained about 160 points but ended the day merely 9-odd points below 17,700. Broader markets outperformed as BSE midcap and smallcap indices gained 2 per cent each. Fear gauge India VIX eased more than 3 per cent, slipping below 17.

On BSE Sensex, NTPC and Bajaj Finserv led the gainers, soaring 4 per cent each, whereas SBI jumped 3 per cent. They were followed by Bajaj Finance, Tech Mahindra, Tata Steel, Dr Reddys, M&M and IndusInd Bank, which added 2 per cent each. TCS, Axis Bank, Reliance, Airtel, ICICI Bank and L&T gained over a per cent each. On the other hand, only six stocks settled in red. Bajaj Auto and HUL shed up to a per cent each. Titan, Nestle, Kotak Mahindra Bank and Power Grid also declined. About 565 stocks hit upper circuit limits for the day, whereas more than 170 stocks hit the lower circuit. Over 135 stocks tested their 52-week highs during the session.

We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:

1. What were the reasons behind the rally on Monday? Do you see the momentum sustaining?
2. What should investors expect from India Inc in Q2 earnings season?

We also caught up with Nirav Chheda of Nirmal Bang Securities to decode the technical charts for you.

1. Nifty50 was unable to settle above 17,700. Where is it headed?
2. Nifty Bank outperformed Nifty50 today. What do technical charts suggest about it?

Asian markets settled mostly lower for the day. Major European markets were trading with mixed cues in the first few hours of trade. US stock futures were down hinting towards a negative start to 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!

Source: Market Watch: Will the market momentum sustain?

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