What is your stock market view on Nifty and Sensex for 27 October?
Answer
Answer
On the 26 October, the Nifty lost 160 points and Sensex lost over 500 points due to a combination of global and domestic cues. Of course big boy Reliance corrected over 4% on Monday after the Singapore court verdict in favour of Amazon on Future group buy.
Metals were the worst affected sector in the market on Monday with Metals index losing 6% on the back of concerns that the absence of stimulus in the US could dent metals demand. Of course, COVID cases are also rising in Europe.
FPIs were surprisingly net sellers to the tune of Rs.119 crore on Monday while DFIs sold Rs.979crore. FPIs were sellers after a long gap but the good news is that the quantum is too small and indicates that the correction on Monday was driven more by traders lightening.
World Markets fell sharply on Monday with the Dow Jones losing 2.3% and NASDAQ losing 1.7%. Corrections were a lot deeper in Germany at 3.7%.