A credit event for Evergrande seems unavoidable, spillover into other markets depends on whether Evergrande restructures or fully liquidates.
Tata Steel, shedding over 8%, was the top laggard in the Sensex pack, followed by SBI, Dr Reddy’s, Kotak Bank, Sun Pharma, Bajaj Auto and L&T
Vaibhav Agrawal, Chief Investment Officer, Teji Mandi, shares investment insights.
Metal stocks were the star of the day as the Nifty Metal ended 4.7% higher with NALCO (up 9.85%), NMDC (up 8.07), SAIL (up 8.04%), Tata Steel (up 7.5%
Many stocks in the sector are trading at their lifetime highs with valuations touching 2x of book value
In FY22 Nifty can deliver 15-20% returns, but before that, it could correct 5-7% or 700-1000 points
Benchmark Indian equity indices ended with strong gains on Tuesday, recovering from Monday's steep selloff led by broad-based buying in late trade
Nifty Auto index leads the sectoral indices with gains of 4.28%, followed by Nifty Metal & Nifty Bank rallying over 3%.
Sensex was nosedived 1,707 points or 3.44% at 47,883, and the Nifty tanked 524 points or 3.53% at 14,310.
Late afternoon sell-off in banking & financial counters dragged benchmark Indian equity indices lower on Thursday.