A morning walk down Dalal Street | Focus on stock specific opportunities

What a day it was for the Indian markets. We saw Sensex recover by more than 200 points from the lows while the Nifty bounced from its 5-DEMA to close above 10,950.

Let’s look at the final tally – Sensex closed 52 points lower at 36431 while the Nifty50 ended 15 points down at 10,951.

Remember, the market opened with a gap down after US Fed raised rates by 25 bps and revised GDP growth downwards to 2.3% from 2.5% for 2019.

Oil marketing companies gained as Brent slipped below $56/bbl while PSU stocks remained in focus after a report suggested that the government has sought Parliament's nod for an additional Rs 41,000 crore capital infusion in public sector banks (PSBs).

Technically, the momentum is strongly favouring the bulls and traders are advised to buy a fresh breakout above 10990 kind of levels.

Big News:

PSU banks will remain in limelight today as well as Finance Minister Arun Jaitley said that the government will infuse Rs 83,000 crore in public sector banks in the next few months of the current fiscal.

Earlier in the day, the government sought Parliament's approval for infusion of an additional Rs 41,000 crore in the state-owned banks through the second batch of Supplementary Demands for Grants.

This would enhance the total recapitalisation in the current fiscal from Rs 65,000 crore to Rs 1.06 lakh crore.