InvestorQ : How do you see the stock market view for the last day of the week on 09 April?
Priyanka N made post

How do you see the stock market view for the last day of the week on 09 April?

diksha shah answered.
2 years ago

The Nifty closed about 55 points higher on Thursday and while the trend was positive after the monetary policy, the market did give up substantial gains. The Nifty touched a peak level of 14,984 crore on Thursday before correcting. Despite positive cues from the policy, the markets are cautious at higher levels.

In terms of sectoral preferences, Thursday was no different. The day belonged to the metal stocks with Tata Steel and JSW Steel rallying further on the back of higher expected demand and possibly another price hike considering that Indian HRCs are already at a steep discount. Cement stocks like Ultratech and Shree Cements were also strong on Thursday.

FPI action was marginally positive on Thursday although the net buying of Rs.111 crore can hardly be called conviction buying. Domestic institutions bought Rs.553 crore of equities as the year end action appeared to continue. FPIs are yet not too clear about the full impact of the pandemic resurgence and are preferring to play it safe at this point.

Dow was flat in late trades on Thursday but the NASDAQ is up 80 bps as tech stocks showed a lot of positive traction. In Europe again UK was the star performer even as CAC and DAX were flat to mildly positive. SGX Nifty is flat with a downward bias in early trades and the Friday weekend factor could come into play in trade.