Budget 2020

Market Watch: Is this stocks slump a short-term affair? | The Economic Times Markets Podcast

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

Bank unions protest against privatisation, stocks fall
India is in no mood to concede defeat to Cairn
Musk says bitcoin slightly better than cash
ICMR says India’s vaccines work against strains
India may open up for ‘Covid-free’ nations soon

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

Stocks took a beating on Friday, extending their losses into the fourth straight session. Two stocks fell for every stock that rose, thanks to worries over fresh curbs in Mumbai on rising Covid cases, mounting fuel prices and weak jobs data in the US.

Sensex tanked 434 points to end just below the 50,900 level. Nifty50 slipped below 15,000. Among specific stocks, ONGC tanked 5 per cent while SBI, Axis Bank and ICICI Bank slipped 3 per cent each. Dr Reddy’s Labs and IndusInd Bank advanced 2 per cent each.

We have with us Paras Bothra of Ashika Stock Broking to share his views on the market.

Welcome to the show, Mr Bothra
Q1 What is hurting the market sentiment of late?

Q2 Do you see this correction as short-term in nature? Give reasons to support your view?

On technical charts, Nifty50 has broken below the immediate support at 15,000 level. We caught up with Nilesh Jain of Centrum Broking to decode the charts.

Welcome to the show, Mr Jain
Q1 Nifty has broken below the 15,000 mark. Do you see signs of further weakness?

Q2 With Nifty Bank falling below 36,000, where are near-term support and resistance levels?

Elsewhere, Asian markets settled mostly higher. European markets traded higher in the first few hours of trade. US stock futures hinted at a strong start later in the day.

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