oppn parties Stock Markets Turn Volatile

News Snippets

  • India's sovereign green bonds were oversubscribed four times as the RBI received 266 bids worth Rs 32892cr agaisnt the target of Rs 8000cr
  • Google tweaks its Android and India app store policy to allow manufacturers and users to choose certain things instead of compulsorily using Google apps after the CCI order and fine for unfairly dominating the market
  • Former US secretary of state calls former Indian external affairs minister Sushma Swaraj a "goofback" and a "hinterland political hack". MEA S Jaishankar slams him
  • Jamia screening of BBC documentary on Gujarat riots cancelled after the university was turned into a fortress and later 13 students were detained by the police
  • Supreme Court grants conditional interim bail for eight weeks to Lakhimpur Kheri accused Ashish Mishra. The bail can be further extended based on his conduct. He was asked to stay outside Delhi-NCR and UP and surrender his passport
  • After the JNU administration tried to thwart the students from screening the BBC documentary on the Gujarat riots and PM Modi, now students of Presidency and Jadavpur universities in Kolkata have decided to screen it 5 times next week
  • While a US research frim Hindenburg says its analysis found the Adani group overleveraged and claimed that its bubble will burst very soon and that sent the price of group companies crashing (Adani companies lost a combined Rs 55000cr), Adani group said the report was 'baseless' and 'malicious'
  • This time Enforcement Directorate arrests TMC spokesperson Saket Gokhale under PMLA for money laundering
  • Padma awards announced on Republic Day: Mulayam Singh Yadav, architect Balkrishna Doshi and ORS pioneer Dilip Mahalanobis get Padma Bibhushan posthumously, Padma Bhushan ius awarded to Kumar Mangalam Birla and 8 others and 91 get Padma Shri
  • Stocks fall big time on Wednesday on F&O expiry, finalncial and banks take big hit: Sensex tumbles 773 points to 60205 and Nifty 226 points to 17892 even as the market volatility meter shoots up by 8.51%
  • World Cup hockey: Germany stun England 4-3 to reach semifinals; Netherlands beat Korea 5-1 to enter last four
  • Australian Open: Sania Mirza and Rohan Bopanna reach the finals
  • Suryakumar Yadav is named ICC Cricketer of the Year 2022 and Renuka Singh gets the ICC Emerging Cricketer of the Year 2022 award
  • BCCI gets a whopping Rs 4670cr in the auctions for the 5 teams in WIPL or as it will be known now, WPL. Adani Sportline gets Ahmedabad for Rs 1289cr while Mumbai Indians get Mumbai for 913cr
  • Calcutta HC overturns the hookah bar ban in Kolkata by saying that it is not an illegal trade
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oppn parties
Stock Markets Turn Volatile

By Linus Garg
First publised on 2021-07-28 14:46:19

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

The Indian bourses witnessed a wild, pendulum swing today. The Sensex saw an intra-day high of 52673 points and a low of 51802 points before settling at 52443, 135 points lower than the day's opening mark. It was a swing of 871 points. The Nifty showed similar trend to touch a high of 15767 points and a low of 15513 points before closing the day at 15709. The intra-day swing in Nifty was 254 points. The continued slide for the last three sessions has meant that investors have lost Rs 1 lakh crore in market capitalization.

While profit taking played a huge role in this slide, the market was also spooked by the crackdown on tech companies by the Chinese government and the upcoming US Fed meeting and the expiry of the July F&O. While the external factors did weigh in, the slide was mainly due to operators squaring up their F&O positions before the expiry of July series and profit taking at higher levels.

But what was most heartening was to see the huge support at crucial levels that prevented a major slide and propped up the market.  The very fact that there was huge buying support across sectors at lower levels was instrumental in pulling up the Sensex from 51802 points to its closing level of 52443 points and preventing the bears from tightening their grip. The buying support shows that investors are upbeat about the economy and are still looking for bargains. This augurs well for upcoming sessions although the IMF downgrade is a dampener.