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Let’s take a quick look at what happened in Dalal Street today.
National stock indices started the week on a positive note, with benchmarks hitting new highs. Investors were optimistic as foreclosure restrictions are relaxed in many states, which could help jumpstart the economic recovery. Nifty hit a new high of 15,773 before closing at 15,752, 81 points higher. BSE Sensex gained 228 points to close at 52,328, 50 points off their daily high. Both indices posted closing records. The India VIX fear indicator fell 2.3%.
In the bond market, the benchmark 10-year government bond closed largely at 6.02%, while the rupee closed slightly higher at 72.8 against the greenback.
We have Narendra Solanki from Anand Rathi Financial Services to share his take on today’s action and the way forward:
Welcome to the show, Mr. Solanki:
>> With many states announcing unlock plans, how quickly do you see the economy recovering? Which sectors are likely to gain the most?
>> Sugar stocks are on the rise these days. Do you see them as a structural game?
We also caught up with Ashis Biswas from CapitalVia Global Research to decode the technical tables for you.
>> Nifty50 is trading between 15,600 and 15,800. Do you think the range related trade will continue in the next few days?
>> What do the technical tables suggest for Nifty Bank?
Most Asian markets finished higher for the day. Major European markets were trading with slight gains in the first few hours of trading. US equity futures were hinting at the start of a spread on Wall Street 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!