Market analysis by top Dalal Street experts

Hi there! You are listening to ETMarkets Evening Podcast

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.

It was a day of celebrations for the domestic equity market as Nifty50 claimed the magical 10,000 level for the first time ever. However, the index fell from the dizzying heights and ended on a flat note.

The market opened with the BSE Sensex at fresh record high of 32,374.30 and Nifty taking the spotlight at 10,011.

Later, Sensex ended 17 points down at 32,228.27 while Nifty was 2 points down at 9,964.55.

Shares of Axis Bank, Bharti Airtel and TCS were the top gainers on Sensex. On the other hand, Lupin, Tata Motors and Coal India were the top losers.

BSE Midcap gained 86 points to settle at 15,313 with shares of Mahindra and Mahindra Finance, Indiabulls Housing Finance and Tata Communications surging up to 10 per cent.

BSE Smallcap index also gained 18 points to end the session at 16,054 with shares of Parsvnath, Gujarat NRE Coke and JP Power rallying over 19 per cent.

Some experts noted that the ongoing rally has partly been boosted by recent short coverings, surge in shares of Reliance Industries, which accounts for over 6 per cent of the index weightage, and other factors such as FIIs and RBI rate cuts.

AK Prabhakar of IDBI Capital Markets shared his views on Nifty hitting new heights on Tuesday and tell where the index is heading.

BYTE 1: AK Prabhakar

Stock futures of TCS saw the biggest spurt in open interest on Tuesday. It was followed by Mahindra & Mahindra Finance, Kajaria Ceramics, HCL Tech, Cadila Healthcare and Apollo Hospitals.

Anup Chandak of Sharekhan gives you a lowdown on the F&O markets

BYTE: 2 Anup Chandak

On the daily chart, Nifty made a Bearish Belt Hold candle suggesting that it is not an easy or a smooth ride for bulls even after hitting the five digit mark. Nifty has to continue to hold above 9,928 mark to witness an up move towards 10,011.

We have with us Nirav Chheda of Nirmal Bang Securities to give us some insights on Nifty behaviour on the charts.

BYTE: 3 Nirav Chheda

That’s all for now folks. Do check out for detailed market analysis and for trading ideas and do come back for our pre-market podcast on Wednesday morning. Have a great evening ahead.

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