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Market Watch (ET Online)
Will bleak Q1 earnings derail the stocks rally?
06:50 Min | July 10, 2020, 7:33 PM IST
Tune in to understand where the market is headed from here.
Transcript
Welcome to ETMarkets Watch, the show about stocks and money-making ideas. I am Parul Raina and here are the top headlines at this hour.
· Mukesh Ambani topples Warren Buffett as world’s 7th richest
· Vodafone Idea defaults on June rental, energy payments
· People's Bank of China sells stake in HDFC in June quarter
· YES Bank sets FPI floor price at Rs 12
· PNB slumps over 5% after marking DHFL exposure as fraud
Let’s start with what really happened in the market today:-
Domestic equity benchmarks ended Friday’s session in the red amid heavy selling in financial stocks and weak cues from Asian peers. HDFC, HDFC Bank, ICICI Bank and Axis Bank led the fall, while robust buying in RIL and HUL shares capped the downside.
Overall, Sensex ended 143 points lower at 36,594 while Nifty settled 45 points down at 10,768.
Coming to broader markets, midcaps underperformed smallcaps and largecaps. Sectorally, the BSE Bankex, Finance and Consumer Durables indices declined over 1 per cent each, while Telecom, Realty and Energy indices gained up to 2.30 per cent.
Among specific names, PNB, Future Consumer and Future Retail declined around 5 per cent each, while Gujarat Gas, Firstsource Solutions and Bombay Burmah each advanced around 5 per cent.
On a weekly basis, Sensex and Nifty gained over 1 per cent. These gains were driven mainly by liquidity and hopes that the virus would be contained soon. However, bleak Q1 earnings prospects now cast a pal of gloom over the market and threaten to halt the rally.
We caught up with Paras Bothra of Ashika Stock Broking to understand where the market is headed from here.
Welcome to the show, Mr Bothra
Nifty was directionless today. What drove the market move?
TCS management thinks Covid-19 impact has bottomed out. Has that changed your outlook for Indian IT?
IPO market comes alive again with Rossari Biotech issue that opens on Monday. Should an investor go for it?
On the technical charts, Nifty’s daily chart showed a Doji pattern, which when formed after an Inside Bar, suggests a rally has lost steam on the upside. The index seems to be in a process of forming a distribution below its 200-DMA.
We have Nilesh Jain of Anand Rathi Shares and Stock Brokers to do the chart reading.
How do you see any close below 10,700 for Nifty in coming sessions?
What strategy should a trader adopt for the coming week?
Globally, Asian peers Hang Seng, Nikkei and Shanghai settled in the red, while European markets traded higher in early deals. US stock futures pointed to lower opening as investors piled into the safety of government bonds.
· Mukesh Ambani topples Warren Buffett as world’s 7th richest
· Vodafone Idea defaults on June rental, energy payments
· People's Bank of China sells stake in HDFC in June quarter
· YES Bank sets FPI floor price at Rs 12
· PNB slumps over 5% after marking DHFL exposure as fraud
Let’s start with what really happened in the market today:-
Domestic equity benchmarks ended Friday’s session in the red amid heavy selling in financial stocks and weak cues from Asian peers. HDFC, HDFC Bank, ICICI Bank and Axis Bank led the fall, while robust buying in RIL and HUL shares capped the downside.
Overall, Sensex ended 143 points lower at 36,594 while Nifty settled 45 points down at 10,768.
Coming to broader markets, midcaps underperformed smallcaps and largecaps. Sectorally, the BSE Bankex, Finance and Consumer Durables indices declined over 1 per cent each, while Telecom, Realty and Energy indices gained up to 2.30 per cent.
Among specific names, PNB, Future Consumer and Future Retail declined around 5 per cent each, while Gujarat Gas, Firstsource Solutions and Bombay Burmah each advanced around 5 per cent.
On a weekly basis, Sensex and Nifty gained over 1 per cent. These gains were driven mainly by liquidity and hopes that the virus would be contained soon. However, bleak Q1 earnings prospects now cast a pal of gloom over the market and threaten to halt the rally.
We caught up with Paras Bothra of Ashika Stock Broking to understand where the market is headed from here.
Welcome to the show, Mr Bothra
Nifty was directionless today. What drove the market move?
TCS management thinks Covid-19 impact has bottomed out. Has that changed your outlook for Indian IT?
IPO market comes alive again with Rossari Biotech issue that opens on Monday. Should an investor go for it?
On the technical charts, Nifty’s daily chart showed a Doji pattern, which when formed after an Inside Bar, suggests a rally has lost steam on the upside. The index seems to be in a process of forming a distribution below its 200-DMA.
We have Nilesh Jain of Anand Rathi Shares and Stock Brokers to do the chart reading.
How do you see any close below 10,700 for Nifty in coming sessions?
What strategy should a trader adopt for the coming week?
Globally, Asian peers Hang Seng, Nikkei and Shanghai settled in the red, while European markets traded higher in early deals. US stock futures pointed to lower opening as investors piled into the safety of government bonds.
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