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Live: Indian market braces for more pain; Is the PSU party over? Coal India, Eicher in focus

Indian equity market continues to see profit booking but experts believe in case of further selling pressure, 21,500 is expected to act as an immediate support for the Nifty 50. On February 12, the BSE Sensex was down 523 points at 71,072, while the Nifty 50 fell 167 points to 21,616, due to selling pressure in the banking & financial services, metal, FMCG and oil & gas stocks. The major selling pressure was seen in broader markets as the Nifty Midcap 100 and Smallcap 100 indices were down 2.5 percent and 4 percent respectively. The increase in volatility above 16 mark also gave discomfort for bull. India VIX, the fear index, jumped 3.98 percent to 16.06, from 15.45 levels. This morning global cues are mixed with the Dow clocking a fresh record ahead of January CPI data and the Japanese Nikkei breaching the 37,000 mark to hit a fresh 34-year high. Meanwhile, Bitcoin surpassed the $50,000 mark for the first time in two years. The GIFT Nifty is hinting at a start above the 21,700 mark. Among stocks in focus will be Coal India, Hindalco, Eicher Motors. What should you do with PSU stocks after selloff? Catch Nandita Khemka in conversation with Sacchitanand Uttekar, Vice President- Research (Derivatives And Technicals) At TradeBulls Securities and Shrikant Chouhan, Head of Equity Research – Retail, Kotak Securities.

first published: Feb 13, 2024 08:36 am