After The Bell: Sensex reclaims 50,000, what should investors do on Wednesday?
Traders & investors need to keep the last stop loss at 14100/48400. We need to be defensive as the market approaches previous highs and the focus should be on pharmaceuticals and FMCG stocks. February 02, 2021 / 05:23 PM IST
Bulls remained in control of D-Street for the second consecutive day in a row on February 2 pushing the S&P BSE Sensex above 50,000 while the Nifty50 also reclaimed 14700. Both indices witnessed profit-taking towards the close of the trade.
The S&P BSE Sensex rose 1197 points to 49,797 while the Nifty50 closed with gains of 366 points to 14,647. The NiftyBank hit a fresh record high of 34,652.
The Budget 2021 announcement by Finance Minister Nirmala Sitharaman slashing the import duty on Gold and Silver has started reflecting in the jewellery markets, Expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. He said that impact has been immediate as Gold prices have dropped significantly despite the price in international market holding up. He said that it is the right time to invest in Gold and Silver.Â
Why it is the right time to invest in GoldÂ
The MCX Gold has corrected by almost Rs 1000 or around 3 percent from the time before announcement till now. At 11:20 am, MCX Gold was down by Rs 350 or by 0.7 per cent from the Monday closing price, trading at Rs 48,371 per 10 gm.Â
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F&O: VIX remains high
India VIX remained flattish and closed at 23.34 level. Now, the VIX needs to hold below 20 zone for continuation of the ongoing momentum. While some Call writing was seen at 15,000 and 14,700 levels, there was unwinding at strike prices 14,000 and 14,500. Maximum Put open interest was seen at 14,000 followed by 13,500 level, while maximum Call OI was at 15,000 followed by 14,500 levels. Options data suggested a wider trading range between 14,300 and 15,000 levels.
Stocks showing bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) on Tuesday showed bullish trade setup on the counters of Tata Motors, SBI, Ashok Leyland, Federal Bank, Zee Entertainment, Axis Bank, NCC, HDFC Bank, L&T, Indian Bank, Ambuja Cements, Shriram Transport Finance, Havells India, Sanghi Industries, Bajaj Finance, City Union Bank, Voltas, Orient Cement, Minda Corporation, Jain Irrigation, UltraTech Cement, Century Textiles, Redington (India), The Ra
After The Bell: Investors wealth rises by over Rs 6 lakh crore, what should investors do after huge Budget Day rally?
Experts are of the view that the market entered the Budget day with caution but a pro-growth Budget and no new taxes fuelled a risk-on rally. February 01, 2021 / 05:42 PM IST
Finance Minister Nirmala Sitharaman delivered what she promised a Budget like never before . The Street responded with equal enthusiasm as the bulls pushed the S&P BSE Sensex higher by over 2,300 points, Nifty50 above 14,200 levels, and NiftyBank to a record high.
The market recorded the best Budget Day percentage gains in 2 decades.
Rs 10 lakh crore market wealth lost as investors book profit from record highs
Sensex has tumbled 3,666 points to 46,518 (intra day low) from record high of 50,184. Similarly, Nifty crashed 1,040 points against its all-time high of 14,753 hit on January 21
Aseem Thapliyal | January 28, 2021 | Updated 19:10 IST
In line with weak global equities, Sensex ended 535 points lower at 46,874 and Nifty fell 149 points to 13,817 today.
Investor wealth has eroded by Rs 10.89-lakh crore in five sessions as equity market took a U-turn from record high scaled last Thursday. Market wealth, which rose to a record Rs 199.02 lakh crore on January 21 declined to Rs 188.13 lakh crore on BSE today.