Tracking positive closure of the US and European markets, domestic indices started the session on a strong footing following the US President’s announcement ensuring that economic lockdowns are currently off the table. However, the optimism was quickly substituted with a sudden sell-off in the domestic market as global equities slipped into negative territory following Omicron experts’ advice to be cautious. Defying the market trend, IT and healthcare stocks along with mid and small caps traded with gains.
!1 New UpdateClick here for latest updates
India’s real GDP grew 8.4% YoY in 2QFY22/3QCY21, marginally better than our/market forecast. A comparison of India vis-a-vis other major nations reveals that while 3QCY21 growth is the highest in India, it is right in the middle – almost flat – on 2-yr CAGR basis. The broad story remains intact. With weak household sector, consumption may continue to lag. Accordingly, we believe that real GDP growth could be 5-5.5% in 2HFY22, implying full-year FY22 growth of ~9% or just 1% higher than in FY20.
– Nikhil Gupta, Chief Economist at Motilal Oswal Financial Services
Day Trading Guide
The market continued its volatile move as after a flat start Nifty rallied till 17,325. However, once again it failed to sustain at higher levels, erasing early gains. Nifty eventually ended negative at 16,983. The index formed a small-bodied bearish candle with a large upper shadow which indicates selling pressure at higher levels as it failed to surpass the peak of Friday’s tall bearish candle.
Jhunjhunwala-backed Star Health IPO subscribed 12% on Day 1
The issue saw 12 per cent subscription on Day 1 of the book-building process, BSE data showed. Investors applied for 53,19,008 shares against 4,49,08,947 shares on offer. The quota for retail investors received 64 per cent bids while HNI quota was subscribed 1 per cent. The QIB portion did not receive any bids on the first day of the IPO.
We expect China to start growing back post the winter Olympics in February and that is the time the market would start to relook at metal stocks again because valuations are extremely cheap.
– Rakesh Arora, Founder, Go India Advisors
April-October fiscal deficit at 36.3% of full year target
The fiscal gap stood at Rs 5.47 lakh crore. Net tax receipts were Rs 10.53 lakh crores while total expenditure came in at Rs 18.27 lakh crore. The government had pegged this year’s fiscal deficit at 6.8 per cent.
Gold jumps Rs 41; silver cracks Rs 667
Gold in the national capital on Tuesday jumped Rs 41 to Rs 47,217 per 10 gram in line with rally in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 47,176 per 10 gram.Silver in contrast dipped Rs 667 to Rs 61,337 per kilogram from Rs 62,004 per kilogram in the previous trade.
After a strong volatile session index managed to close a day at 16983 with loss of nearly half percent and formed a bearish candle on the daily chart. The index…
Read More: Sensex Today: Stock Market Highlights Today: Nifty forms bearish