Stock Market LIVE Updates: Dalal Street enters Thursday’s weekly expiry session after another volatile session where aggressive selling met every intraday recovery. In Wednesday’s session, the Nifty 50 touched 23,500 for a brief spell, rising up to 200 points at times; however, it could not hold onto the same and ended slightly higher. On Friday traders would seek the market to stabilise somewhat or face choppy conditions going into the weekend.
Wednesday’s trade once again highlighted the fragile nature of sentiment on Dalal Street. Even though the market gained back a good portion of the ground lost intraday by touching low levels of 23,262, it bounced back strongly. However, in the last hour of trade, profit booking has eroded much of the gains. Analysts still feel that the recent downside is not over as yet. The recent dip may not be over unless the Nifty manages to cross decisively above 23,600-23,700 levels. Meanwhile, the downside gap around 23,150 has nearly been filled by the index, which could offer some technical solace to short-term bulls.
Bank Nifty was one of the biggest drags on the market in the last session, cooling off over 650 points from the day’s high and dragging benchmark indices lower. The banking index is now seen trading in a broad 53,000-54,000 range, with traders closely monitoring if the banking stocks can regain strength in today’s session.
Global cues are also expected to attract focus. News concerning the impending meeting of Donald Trump and Xi Jinping will be in the spotlight, as this could fuel broader global risk sentiment and trade-related commentary. In stocks on a company-specific basis, earnings reactions should dominate the session for traders. Bharti Airtel is likely to be in focus post its quarterly numbers, while Kaynes Technology can also be in for a strong reaction post earnings. Traders will focus on stocks like Oil India, Zydus Lifesciences, Bharti Hexacom and Tata Motors.
Meanwhile, sector-specific action during the session is expected to be led by earnings from Hindustan Aeronautics Limited, Housing and Urban Development Corporation, Indian Railway Finance Corporation, JSW Steel and Muthoot Finance.
Stay tuned to this live blog for all the updates on the stock market today, Sensex-Nifty movement, top gainers-losers, earnings reactions and key triggers driving Dalal Street today.
