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Below is the Views on Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
The Indian markets ended Friday’s session on a firm note led by some strong measures by the RBI to ensure adequate liquidity and financial stability. Further, positive global cues also aided sentiments. The Nifty index ended 3.1% higher at 9,267 levels. On the broader market front, both BSE Midcap and Smallcap underperformed but ended higher by 2.1% and 2.4% respectively. Amongst the sectors, Banking stocks outperformed led by strong measures by the RBI and ended higher by 6.8%. Other sectors like Auto, Realty, and Capital Goods too ended healthy gains. The defensive sector including FMCG and Healthcare ended with losses.
The announcement from the RBI is a big positive for the Indian markets as well as the economy. Importantly, it has triggered a surge in the banking space which was underperforming for quite a sometime now and sustained recovery in the auto pack further added to the buoyancy. Going forward, we expect Nifty to test 9450 levels soon and these two sectors viz. banking and auto could play pivot role. Meanwhile, announcements from the earnings front will continue to trigger volatile swings on the stock-specific front. Traders should limit their leveraged positions and focus more on stock selection.
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