InvestorQ : What is your view on the Nifty and the Sensex for trading in the markets on 29 April and how do you see trade panning out?
Crowny Pinto made post

What is your view on the Nifty and the Sensex for trading in the markets on 29 April and how do you see trade panning out?

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diksha shah answered.
8 months ago
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It was the third successive day of rally on the Nifty and Sensex on Wednesday with the Nifty gaining over 200 points and closing above the 14,850 levels. Even if you look at the Sensex, it has gained 1200 points in the last 3 days largely driven by the metal stocks and the frontline banking stocks. Even the VIX has tapered to lower levels.

Quarterly results till now have been relatively encouraging. However, the concern is that the markets could turn a tad cautious on Thursday due to the cautious Fed statement. While the Fed has still maintained its stance on accommodation, inflation risks have been adequately highlighted and the growth levers have also been underlined by the Fed.

Foreign portfolio investors or FPIs, for a change, were on the buying side on Wednesday with net buying of Rs.766 crore. The domestic institutions bought Rs.436 crore of equities and continued their infusion, as has been the April trend. However, with a net selling of Rs.11,000 crore in April, it is likely to be the weakest month for FPIs in 2021.

Dow and NASDAQ closed weak after the Fed flagged inflation risk in the light of rising growth signals in the US economy. However, it is not clear whether it was to be interpreted as a warning or as a comforting statement. Most European markets ended in the green while SGX Nifty is hovering about 100 bps higher in early morning trades on Thursday.

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