X

Bears strengthen their grip

Nifty50: 15,632 -120 (-0.7%)
Sensex: 52,198 -354 (-0.6%)


The markets opened with a gap-down and remained in the negative territory for the rest of the day. The advance:decline indicated broad-based selling as 40 of the Nifty50 stocks closed in the red.

Among the Nifty sectoral indices, all indices except FMCG were down, with Media (-2.5%) and Realty (-2.5%) being the top losers. Nifty FMCG (+0.1%) was the only index to close with a marginal rise.

Top gainers Today's change
Asian Paints ▲ 5.4%
UltraTech Cement ▲ 1.7%
Hindustan Unilever ▲ 0.9%

Top losers Today's change
Hindalco ▼ 3.7%
IndusInd Bank ▼ 3.1%
Tata Steel ▼ 2.7%

Here are the top stories of the day.

Asian Paints soars on robust profit growth


Mastek rises after strong Q1 results


Oil prices slump


Domestic air traffic surges


Closing bell

Today, the markets fell for the third day in a row. A weak opening was expected after the sharp fall in the US markets overnight. However, falling crude oil prices offer a ray of hope, which could translate to a decrease in fuel prices and thus ease inflation a bit. Having said that, today the bulls lacked power to pull up the markets. The India VIX is up nearly 13% so far this week and indicates volatility ahead. Suddenly, heightened activity is seen in global equities and commodities (mainly crude oil). Normally, during such times traders get caught on the wrong foot because there could be sharp swings on both sides.

Note: Markets will remain closed tomorrow (Wednesday) on account of Bakri Id.


Good to know

What is OPEC and how does it control oil prices?

Founded in 1960, the Organisation of Petroleum Exporting Countries (OPEC) is made up of 13 oil-exporting nations. These countries produce about 40% of the world’s crude oil and account for around 60% of the total petroleum traded globally. Because of this, their decision to increase or reduce oil supply can significantly impact oil prices. Since 2010, some non-OPEC oil-producing countries (called OPEC allies) such as Russia have also attended the OPEC meeting to decide oil output. Together, the group is referred to as OPEC+.


Yay 👍 or Nay 👎?

We'd love your thoughts on this market recap.

Haven't tried out Upstox yet? Click here to open your account now!

To catch our latest educational videos, join our Telegram channel here.


Disclosures and Disclaimer

Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

Categories: Newsletters