InvestorQ : What is your stock market view for trading on Monday 24 May?
Ria Jain made post

What is your stock market view for trading on Monday 24 May?

diksha shah answered.
2 years ago

It was a kind of a surprise bounce in the Nifty and the Sensex on Friday with the Sensex gaining over 900 points. Earlier, the Sensex had gained 1400 points on Monday and Tuesday. Overall, the Sensex closed the week with 3.8% gains. The surge was led by Bank Nifty which rallied sharply by 7.7% during the week after Fed minutes.

Even apart from the dovish comments from the Fed and improving situation of COVID cases in India, mid-cap and small-cap indices also rallied above 4% in the week. Clearly it gave signs of an all-out recovery in the market. Financials and rate sensitives could be in the limelight in the coming week also, with most of the focus on banks and autos.

FPIs were on the buying side, but still quite tepid. On Friday, the FPIs did net buying of Rs.510 crore even as domestic institutions also bought Rs.649 crore of equities. In fact, in 3 out of the last 5 trading sessions, the Sensex cumulatively gained 2400 points without too much of a significant participation from the foreign investors.

Global markets were mixed with the Dow closing higher on Friday and the NASDAQ lower. Europe was mixed but the SGX Nifty is about 40 bps lower in early trades on Monday and some pressure on the markets is likely after the Friday as profit booking kicks in.