IGI Logo

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. 

Above views are of the author and not of the website kindly read disclaimer