InvestorQ : What is your market view for Monday 12 April on the Nifty and Sensex?
Arusha Ray made post

What is your market view for Monday 12 April on the Nifty and Sensex?

diksha shah answered.
1 year ago

On Friday, the Nifty and Sensex gave up higher levels and the closed nearly 40 points down. It does look like the level of 15,000 on the Nifty and the level of 50,000 on the Sensex are proving to be absolute pain points for the indices. One challenge in the week could be that banks will be under pressure on concerns over a second lockdown.

It is clear that the market is getting a tad cautious if you look at the renewed interest in defensive stocks. In the last few days, FMCG stocks have generated a lot of interest on lockdown demand expectations while the pharma companies are back in action all over again as a rise in COVID is expected to spur domestic and international demand.

FPI action was negative as they sold Rs.654 crore worth of equities on Friday even as domestic institutions also joined the selling and hived off Rs.271 crore of equities. However, low VIX and a weaker rupee could mean that the FII selling is not picking up steam easily. However, FPIs have shown a tendency to look at alternate markets like Korea, Taiwan etc.

NASDAQ and Dow were in positive territory on Friday on the back of hopes that the US growth could get upgraded closer to 6% for calendar year 2021. Indian markets on the SGX were negative but IT stocks could hold fort.