BSE Sensex and Nifty 50 rallied up to 70 per cent in the monetary year 2020-21 (FY21) in spite of Coronavirus-led disruptions and issues. During FY21, S&P BSE Sensex zoomed 68 per cent whilst the Nifty 50 index soared 71 per cent on the back of powerful foreign portfolio investment inflows of Rs 2.6 lakh crore. While in absolute terms, Sensex gained more than 20,000 points and Nifty 6,one hundred points. While Bank Nifty surged 75 per cent throughout the fiscal. The 30-share index touched its one-year low of 27,500.79 on April 3, 2020. It then zoomed to its record higher of 52,516.76 on February 16, 2021. However, the headline indices ended the final day of the existing fiscal in the adverse territory, falling more than 1 per cent. The sell-off in private bank and IT stocks outweighed the shopping for in stocks of PSU Banks, FMCG, and realty counters. Market breadth favored the bears, as 1,483 stocks declined whilst 1,397 sophisticated. A total of 199 scrips remained unchanged. In the broader marketplace, the S&P BSE MidCap index ended 15 points or .07 per cent larger at 20,181.31 whilst the S&P BSE SmallCap index sophisticated 106 points pr .52 per cent to finish trade at 20,649.
S Ranganathan, Head of Research at LKP Securities
Markets opened weak as Joe Biden shall unveil his Infrastructure Package today with an enhance in corporate taxes. HDFC twins and profit booking in IT stocks led the decline today even as Cement and Real Estate stocks saw keen investor interest. In the broader marketplace, PSU Banks and choose Pharma names have been noticed buzzing about.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The markets failed to get previous 14950. The opening level of the Nifty was also the day higher which suggests the sentiment for the day has been bearish. If we get previous 14950, we can project a target of 15200-15300. If we continue falling and break 14500 on a closing basis, the index could drift additional to test the current low of 14250.
Sahaj Agrawal, Head of Research- Derivatives, Kotak Securities
A lot is taking place on the international marketplace front – a steep rise in dollar index and the US bond yields rising. All of this has led to improved volatility in domestic markets. We think the marketplace remains in medium-term uptrend. The existing momentum bottom is noticed at 13450 and resistance noticed at 15600 we count on variety-bound activity with higher volatility. Expect stock-precise action to continue – FMCG, IT and Insurance sectors trade with positive bias delivering worth shopping for possibilities.
Binod Modi, Head Strategy at Reliance Securities
Domestic equities traded reduced today as issues pertaining to a spike in Covid-19 situations and resultant restrictions continued to weigh on investors’ sentiments. Further, rise in USA treasury yields and the strengthening dollar index aggravated issues. We think that current announcements of evening curfews by different state governments and indication of lockdown by the Maharashtra state government undoubtedly do not augur nicely for equities. Additionally, the strengthening the dollar index, which currently gained 1.5% final week and surpassed 93 levels so far this week, has aggravated investors’ concern in emerging markets which includes India. Any meaningful correction in the marketplace really should only be producing an chance for bargain trading in top quality stocks. Investors ought to concentrate on corporations with powerful earnings visibility and margins of security.