oppn parties Stock Markets Turn Volatile

News Snippets

  • FIH Pro League hockey: Indian men beat Argentina 5-4 while women lose to same opponents by 0-5
  • World Cup Stage II archery: Indian women's team enters final. Men's team eliminated
  • Malaysia Masters badminton: P V Sindhu enters second round
  • IPL: RR beat RCB to get another shot in Qualifier 2. RCB out of IPL
  • Referring to sandeshkhali, PM Modi says TMC blaming women to save its goons. TMC asks why Modi was silent for 15 days since the sting videos came out
  • A teenager, who was seen voting eight times for the BJP in a viral video, was arrested after Rahul gandhi and Akhilesh Yadav shared the video on their social media pages
  • The minor son of a builder in Pune, driving a Porsche, runs over two techies on a motorbike. He was arrested but granted bail with conditions by the Juvenile Board
  • PM Modi says action against the corrupt will intensify after June 4 when the NDA returns for the third term
  • Buying of wheat likely to corss 2023 mark but may miss target set for 2024
  • Arvind Kejriwal says BJP has plans to lock AAP offices and freeze the bank accounts of the party
  • Sharad pawar says PM Modi has lost confidence, MVA will win 50% seats in Maharashtra
  • FP|Is offloaded Rs 28200cr in equities in May
  • Former SBI chariman Rajnish Kumar and former Infosys CEO Mohandas Pai will step down from Buju's advisory council
  • Government to tighten norms to ensure better service from telcos
  • Banking sector net profit crosses Rs 3L cr for the first time in FY24
IPL playoffs: RR beat RCB by 4 wickets to end their dream run in the IPL. RR will meet SRH to decide the second finalist. KKR has already reached the final.
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.