Market Watch: What limited the downside in Nifty on Tuesday?

Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nikhil Agarwal and here are the top headlines at this hour.

10-day lockdown in Telangana from tomorrow
Equity MFs see Rs 3,400 cr inflows in April
Fuel prices rise, petrol near Rs 100 in Mumbai
April inflation likely fell to a three-month low
Nomura cuts India’s FY22 growth estimate

Let us take a quick glance at what happened on the Dalal Street today.

Tuesday’s fall might have put an end to the four-day winning streak for domestic indices but it avoided a major selloff for the day.

Fears of a rise in inflation and reversal of stimulus in the US spooked investors the world over. An up to 0.7 per cent fall for Sensex and Nifty was far less than the 3 per cent plunge in Asian markets, as well as the 2 per cent fall in major European markets such as the UK, France, Germany, Spain and Italy.

Sensex settled the day 341 points lower while Nifty50 managed a close at 14,850-odd level, down 0.6 per cent.
Among Sensex stocks, Kotak Mahindra Bank plunged 3 per cent, HDFC, Tech Mahindra Bank, Bajaj Finance and Titan Company were among the seven index stocks that fell 1-2 per cent for the day. NTPC surged 5 per cent while ONGC rose 4 per cent. Power Grid, Sun Pharma and UltraTech Cement rose over 1 per cent each.

We have Ajit Mishra of Religare Broking to share his views on the market. Welcome to the show sir.

1) Despite the fall, domestic stocks performed pretty well today when compared with European and Asian markets. Why so?
2) What will drive the domestic market going ahead?

We also caught up with Rohit Singre of LKP Securities to decode the technical charts for you.

1) What are Nifty50 charts suggesting?
2) Where is Nifty50 Bank headed?

Asian markets ended up to 3 per cent lower for the day. European markets were down over 2 per cent each in the first few hours of trade. US stock futures were hinting at a negative start to US equities later in the day.

That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

Source: Market Watch: What limited the downside in Nifty on Tuesday?

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