oppn parties Stock Markets Turn Volatile

News Snippets

  • After both candidates got 34 votes in HP. Congress' Abhishek Singhvi lost in the draw of lots as the BJP candidate was declared winner
  • ED issues 8th summons to Delhi CM Arvind Kejriwal in the excise policy scam case
  • Prime Minister Modi introduced the three IAF group captains - Prashanth Nai, Ajit Kirshnan and Angad Pratap - and Wing Commander Shubhangshu Shukla, who have been shortlisted for the first manned space mission of ISRO
  • Centre appointed former SC judge A M Khanwilkar as the new Lokpal. It also named three judicial and three non-judicial members of the Lokpal panel
  • A 9-judge Supreme Court bench started hearings on whether states are entitled to tax mineral-rich land in their respective states
  • Taking note of the huge disparity in charges in government and private hospitals for most treatment procedures, the Supreme Court asked the Centre to strictly enforce the CGHS rates or warned that the court would have to step in
  • Calcutta HC ruled that regardless of a woman employee being regualr or on contract and whether her contract permitted maternity leave, employers cannot deny childbirth and maternity leave to any women employee as it 'seeks to create a class within a class which is not permissible'
  • Sebi asks MF companies to disclose more risks associated with their small and mid cap funds
  • Vodafone Idea board approves Rs 45000cr funding infusion
  • NCLT clears Hinduja acquisition of Reliance Capital at Rs 9650cr upfront payment within 90 days of approval of resolution plan
  • Stocks returned to winning ways on Tuesday: Sensex gained 305 points to 73095 and Nifty 76 points to 22198
  • Commonwealth Chess championships: Mitrabha Guha wins title by scoring 7.5 points in 9 rounds
  • WPL: RCB beat Gujarat Giants by 8 wickets
  • Bengal starts paying MNREGA workers out of own funds as Central disbursement is stopped due to alleged 'discrepancies' in accounts
  • ISC chemistry paper postponed to March 21 just hours before start of exam due to "unforeseen circumstances"
Cross-voting in Rajya Sabha elections enables BJP to snatch seats in UP & Himachal /////// Congress government in Himachal in trouble as some MLAs revolt
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.