This is Abhinav Kaul and I will take you through the motions of today’s session on Dalal Street and bring you cues and trading tips from market veterans for Wednesday.
Benchmark indices turned sideways after hitting record high levels to eventually settle lower on Tuesday. Investors were cautious ahead of the US Federal Reserve two-day policy review meet, which starts later in the day.
Markets across Europe were rangebound.
The BSE Sensex snapped eight-day winning streak to settle at 32,042.37, down by 21.39 points.
Only 1,310 stocks out of 2,767 scrips that traded on BSE for the day, ended higher.
Nifty50 closed the day at 10,147.55, down by 5.55 points.
In IPO mart, the Rs 5,700 crore issue of ICICI Lombard got fully subscribed on the last day.
In stock specific action, Coal India fell 2.49 per cent to close at Rs 258.20.
The stock declined on reports that its arm Mahanadi Coalfields could face a penalty of more than Rs 20,000 crore in the wake of Supreme Court order that rendered all mineral production in violation of environmental laws illegal.
But what dragged the index down was weakness in index heavyweights such as HDFC duo, Larsen & Toubro and SBI.
Hitesh Agrawal of Religare Securities sums up the day’s market proceeding for you in this exclusive chat with ETMarkets.com.
Byte 1: Hitesh Agrawal
Shares of Kajaria Ceramics witnessed the biggest spike in open interest contracts at 35.47 per cent, followed by BEML, IndiGo and Tata Chemicals.
On the option front, maximum Put open interest stood at 10,000 strike while maximum Call open interest seen at 10,200 followed by 10,300 strikes.
Nirav Chheda of Nirmal Bang Securities gives you a lowdown on the F&O market.
Byte 2: Nirav Chheda
Nifty index failed to continue its gaining momentum. The index formed a small Bearish candle but bulls are still holding their grip on the market.
We have with us Jay Thakkar of Anand Rathi Financial Services to give us some insights on Nifty behaviour on the charts.
Byte 3: Jay Thakkar
That’s all for now folks. Do check out ETMarkets.com for detailed market analysis and for trading ideas and come back for our morning podcast on Wednesday. Have a wonderful evening ahead.