Nifty: Market Watch: Will this market correction deepen?


Welcome to ETMarkets Watch, the show about stocks, market trends and money making ideas. I am Nandini Sanyal. and here are the headlines at this time.

Zee Entertainment board rejects Invesco’s EGM request
Reliance Industries Extends Deadline to Complete Future Buyout to March 31, 2022
UCO Bank-led consortium of banks approach RBI as Rs 30,000 crore loans from Srei group turned into NPA
Maruti Suzuki sales drop 46% in September
Computer reimbursements of Rs 80,086 crore issued this fiscal year
And
Government collects Rs 1.17 lakh crore GST for September

Let’s take a quick look at what happened in Dalal Street today.

Domestic actions extended the losing streak until the fourth straight session and fell back. Despite favorable growth in basic sector output, negative signals from global markets are adding pressure on national benchmarks. Banks, information technology, real estate and financial services recorded sales, while energy, metals and pharmaceuticals stocks recorded purchases. Auto stocks reacted to their September sales data. BSE Sensex dropped over 360 points to settle at around 58,765 points. The BSE barometer has lost more than 1,650 points from the peak. Nifty50 lost 86 points to end the day at 17,532. Larger markets were mixed as the mid-cap BSE index fell but the small-cap index moved into the green. The India VIX fear indicator has fallen by more than 6 percent.

On BSE Sensex, Bajaj Finserv led the losers, losing more than 3 percent. Maruti Suzuki, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC each lost 2%. NTPC, ICICI Bank, TCS, IndusInd Bank and HDFC Bank sold 1% each. Of the winners, Mahindra & Mahindra gained 3 percent, while Dr Reddy’s, Ultratech Cement, Sun Pharma, Power Grid and Tata Steel each added one percent. Bajaj Auto, Nestlé, Reliance, Axis Bank and Titan have also moved into the green. About 390 stocks reached upper circuit limits for the day, while over 120 stocks reached lower circuit. About 85 stocks tested their 52 week highs during the session.

We have Arijit Malakar from Ashika Stock Broking to share his take on today’s action and the road ahead:
Welcome to the show sir:
1. What has weighed on market sentiment recently? Do you expect this correction to deepen?
2. How should investors play the theme of rising gas prices?

We also caught up with Nilesh Jain from Centrum Broking to decode the technical charts for you.
1. Nifty 50 has managed to settle above 17,500. Where is it going?
2. Nifty Bank continued to underperform. What is your opinion on this?

Asian markets settled mostly lower for the day. Major European markets were trading with declines in the first few hours of trading. US stock futures were down, pointing to a negative start for US stocks later in the day.

That’s all for the moment. 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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