Author: Partha Halder
It was a classic open-high, close-low session. Dalal Street started with a spring in its step and ended with a limp.
After starting deep in the red and bleeding through the morning session on August 25, benchmark indices staged a powerful late-session reversal to end near the day’s high, snapping a two-day losing run.
A late-session bounce saved Dalal Street from a deeper cut, but could not prevent the bears from stamping their authority on Monday. After a strong start, benchmark indices slid over 1% intra-day before recovering half the losses, closing marginally lower on cautious trade ahead of a major US announcement on Iran.
After seven straight days in the red, Dalal Street finally found its footing on Thursday. The Sensex and Nifty both closed higher, powered by a bounce in financials and IT as global bond markets calmed down.
Dalal Street had no respite on Wednesday. For the seventh session in a row, Indian equities slipped, clocking their longest losing run in 11 months as investors ran for cover amid dearer oil and rising US bond yields.
It was a jittery Monday on Dalal Street. After a hesitant start, Indian benchmarks slipped into negative territory and stayed there, dragged down by IT, metals and broad-based profit booking.
Dalal Street ended the day on a jittery note, with both headline indices giving up intraday gains to close in negative territory for the second day in a row.
Indian equities wrapped up the week on a subdued note, with the Nifty 50 and BSE Sensex both slipping into the red on Friday as rising crude and renewed Middle East tensions kept investors risk-averse.
Indian equities closed lower on Wednesday, giving up early gains as profit booking in heavyweight financials and caution ahead of inflation data kept sentiment muted.
Dalal Street finished Monday with a yawn and a sigh of relief.