InvestorQ : What is your market view for 22 April Thursday as markets open after a trading break?
Debbie Mascarenhas made post

What is your market view for 22 April Thursday as markets open after a trading break?

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diksha shah answered.
3 weeks ago
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On Thursday 22 April, the stock markets will resume trading after a 1-day trading break for Ramanavami. However, you would recollect that the SGX Nifty corrected by over 1% on Wednesday 21 April and that adjustment will lead to a gap down opening on the indices on Thursday. While that is the overhang, after that it is over to Asian cues.

Once again, it was pharma that stood out on Tuesday. In fact, it was the only sector that gained substantively with over 2% returns. To add to the party, stocks like Gland Pharma, Cipla and Cadila scaled 52-week highs in the market. The resurgence of COVID and the sudden focus on rapid inoculation is likely to favour pharma stocks.

FPI action was once again negative on Tuesday as has been the trend in recent times. There was net selling of Rs.1,082 crore from FPIs even as domestic institutions bought Rs.1,323 crore of equities on Tuesday. It does look like the FPIs are going slow on equities after they had infused a record $37 billion in the financial year FY21.

On Wednesday, NASDAQ and Dow were 100 bps higher while key European markets like CAC, DAX and FTSE showed gains of 50-80 bps on 21 April. Indian markets were closed on Wednesday but the SGX Nifty was trading in Singapore and that index fell by over 100 bps. That is likely to result in the gap-down opening in the markets on Thursday.

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