Below are Views On Sensex opened positively above 50,000, although it closed down by 0.3% By Mr. Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd
Sensex opened positively above 50,000, although it closed down by 0.3% below 50,000. Correction was higher in midcap and smallcap stocks. Nifty Midcap 100 and Nifty Smallcap 100 closed down by 1.2% and 0.6% respectively. Correction was all across the sectors, all the sectoral indices closed in red. Reliance Industries closed up by 2% in this weak market as the company's Rs. 24,713-crore billion deal to buy Future Group's retail assets has been cleared by market regulator SEBI. So, Future Retail shares also surged nearly 5%. Global cues were supportive: Nasdaq Futures was up by 0.4% whereas Dow Futures and FTSE were flat. We believe now the market will focus on quarterly results and budget announcements. There can be a pre-budget rally in infrastructure and housing sector stocks in hope of favourable announcement for the sector in the budget.
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