Sensex: Market Watch: Will market remain in rangebound mode till Budget?


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

– Sebi tightens rules governing utilisation of IPO proceeds
– India plans $19 billion fertiliser subsidy, says a report
– EC postpones Punjab Assembly elections to Feb 20
– UltraTech Cement Q3 PAT rises 8%, beats estimates
and
– China’s economy grows 8.1% in 2021, slows in 2nd half

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

Monday was yet another session of range-bound but positive trade for Dalal Street, which pushed up the key benchmarks further towards their all-time highs, thanks to the relentless rise in all but two sessions in 2022 so far. The quarterly earnings of HDFC Bank and HCL Tech though failed to lift sentiment in what transpired as a quiet day for the market.

Sensex eventually ended up rising 86 points and closed above 61,300 level while Nifty50 closed above a key resistance level of 18,300. The rangebound moves could be a signal that indices are preparing for a directional move. HDFC Bank and HCL Tech lead top Sensex losers falling up to 6 per cent. Axis Bank, Tech Mahindra, Power Grid and Sun Pharma declined up to 0.3 per cent.

UltraTech Cement Q3 numbers gave the cement stock a 2.8 per cent lift. Rakesh Jhunjhunwala-led Metro Brands hit the roof on solid Q3 results. Overall, the recent trend of broader market participation continued, with almost two stocks rising for the one ending lower.

We have Mr Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers to share his views on the action and the road ahead. Welcome to the show sir:

1. A few companies accounting for 23 per cent of Nifty50 weightage, including RIL, Asian Paints and Bajaj Finance, will announce earnings this week. What are your broader expectations?
2. The market has been rangebound. Where do you see it in the run up to the Budget?

We also caught up with Nirav Chheda of Nirmal Bang Securities Research to decode the technical charts for you.
1. We have seen half a dozen small real bodies on a daily chart now. What are they suggesting?
2. What is your view on Nifty Bank?

Asian markets settled mostly higher for the day. Major European markets were trading up to 0.7 per cent higher in the first few hours of trade. However, US stock futures were up hinting towards a positive bias for US equities 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!



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