Author: Partha Halder
Dalal Street finally got a breather on Thursday, September 4, after four straight sessions of punishment, but the close was nowhere near the day’s high. What looked like a strong comeback in the morning turned into a cautious close after the closing auction shaved off gains.
It was a tale of two sessions in one day. Dalal Street started Thursday with swagger, ended with a whimper.
Dalal Street started September on a sour note. After a gap-down open, benchmark indices never recovered, ending deep in the red as a lethal mix of $95 crude, spiking US yields and fresh US-Iran missile exchanges sent global risk assets tumbling.
Dalal Street closed Tuesday on a tired note. After flirting with 77,231 intra-day, the BSE Sensex settled at 76,944.28, down 12.99 points or 0.017% at 3:32 pm IST, while NSE Nifty 50 shut shop at 24,055.80, down 24.60 points or 0.10% at 3:31 pm IST.
Dalal Street ended the last trading day of August on a sombre note. The bulls tried, but the headwinds were too strong.
After bleeding for two straight sessions, the bulls roared back in the final hour on Friday. The BSE Sensex climbed 330.91 points, or 0.43%, to close at 77,264.51 and the NSE Nifty 50 added 84.80 points, or 0.35%, to end at 24,175.65 as of 3:32 pm IST – well above the previous close of 76,933.59 and 24,090.85.
Dalal Street’s brief romance with the bulls ended in tears on Wednesday. What started as a cautiously optimistic morning turned into a full-blown sell-off by the closing bell, as benchmark indices capitulated to heavyweight selling.
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.