nifty Bank: Market Watch: What’s ailing the banking stocks?

Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Bhaskar Dutta, and here are the top headlines at this hour.

Moody’s pegs FY22 GDP growth at 9.3%
India, US reach deal on 2% equalisation levy
101 projects identified under Gati Shakti
Airtel conducts 5G trial in 700 MHz band
$1.5 billion loan to India for Covid vax approved

Let’s take a quick glance at what happened on Dalal Street today.

The bulls were back on Dalal Street on Thursday, with two out of every three stocks on BSE ending higher. Stock-specific action was visible amid the expiry of November futures and options contracts. A 6 per cent surge in shares of Reliance Industries made up for the weakness in the banking pack, lifting the BSE Sensex 454 points for the day. Nifty ended the F&O expiry above the 17,500 level. ITC, Infosys, TechM and Kotak Mahindra Bank gained 1 per cent each. Private banks ICICI Bank, IndusInd Bank and Axis Bank fell up to 1.2 per cent. Maruti Suzuki also declined 1 per cent. This was the fifth straight day of loss for the auto giant. Vodafone Idea and Vedanta gained 6 per cent each. Overall, about 230 stocks hit 52-week highs during the day.

We have Vinod Nair, Head of Research at Geojit Financial Services, to share his views on the day’s action and the road ahead:

Welcome to the show sir:

1) Should investors take Thursday’s rally with a pinch of salt, as it was the monthly F&O expiry day?
2) Banking is one space which isn’t performing. Why?

We also caught up with Santosh Meena of Swastika Investmart to decode the technical charts for you.

1) What has changed for Nifty50 on technical charts?
2) What is keeping the Nifty Bank from moving higher?

Asian markets settled mixed for the day. Major European markets were trading higher in the first few hours of trade. US stock futures were up 0.25 per cent, hinting towards a positive start to US equities later in the day.

That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

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