ETMarkets Evening Podcast: Has Dalal Street got its mojo back?

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 the next week.

The domestic equity market traded in a narrow range on Thursday as every upward move in the current consolidation phase is facing strong resistance due to lack of positive cues.

Sensex closed 28 points down at 31,596, while Nifty settled nearly 5 points up at 9,857.

Aurobindo Pharma stood among top gainers in Nifty index. It was followed by Lupin, Cipla, Sun Pharma and Dr Reddy’s Labs.

On the other hand, HCL Tech, ACC, Adani Ports, Bajaj Auto and Indiabulls Housing Finance declined 1 to 1.5 per cent.

Among the sectoral indices on BSE, healthcare index surged over 2.50 per cent, followed by IT and Capital Goods.

Investors will keenly watching US Federal Reserve chairperson Janet Yellen’s speech at Jackson Hole on Friday.

The domestic market will remain shut tomorrow on account of Ganesh Chaturthi.
Meanwhile, IPO of Apex Frozen Food subscribed was over 6 times on the last day of offer today.

AK Prabhakar of IDBI Capital Markets sums up the day’s market proceeding for you in this exclusive chat with ETMarkets.com.

Byte 1: AK Prabhakar

Kajaria Ceramics witnessed the biggest jump in open interest at 48.77 per cent on NSE on Thursday. It was followed by Berger Paints, Glenmark, Pidilite and Ramco Cement.

Markets traded without any directional bias on Thursday. However, important thing is that markets has kept the 50-day moving average support levels intact on daily charts.

We have with us Nirav Chheda of Nirmal Bang Securities to give us some insights on Nifty behaviour on the charts as well on the F&O front.

Byte 2: Nirav Chheda

That’s all for now folks. Do check out ETMarkets.com for detailed market analysis and for trading ideas and come back for special weekly podcast on Saturday morning. Have a great evening ahead.