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market watch: Market Watch: Is it time to hunt for shorting opportunities?

Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

The domestic stock market managed to gain some lost ground on Monday after six consecutive days of fall as investors preferred to buy stocks at low levels. Buying in FMCG and IT stocks pushed the Sensex 237.42 points higher to close at 51,597.84, while Nifty50 reclaimed the 15,350 mark.

Buying was seen across sectors as investors lapped up stocks at depressed prices as positive trends in the global markets inspired the domestic market to trade positively, with large caps gaining the most while mid and small caps continued to trade with cuts.

The broader indices underperformed their larger peers, with the Nifty midcap index losing 2.26 per cent and Nifty smallcap declining over 3 per cent.

Among the 30 share pack, Tata Steel was the top loser, falling 5 per cent. IndusInd Bank, Reliance Industries, NTPC, M&M, SBI and Axis Bank also traded with cuts. Among gainers, HDFC was at the top spot, adding 4 per cent. HUL, Ultratech Cement, Asian Paints, HDFC Bank, and Wipro also finished in the black, rising 2-4 per cent each.

Nifty FMCG was the top sectoral gainer in a volatile market, rising 2 per cent, while the metal index cracked nearly 4 per cent.

From the mid and smallcap space — Oil India, Hindustan Aeronautics, GNFC, Rain Industries and HFCL fell around 10 per cent each.

Ajit Mishra, VP – Research, Religare Broking, said today’s bounce was just a pause after the sharp decline and participants should look for shorting opportunities in case Nifty witnesses any rebound towards the 15,550-15,700 zone.

That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

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