Below are Views On The benchmark indices hovered in a range before ending the session By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
The benchmark indices hovered in a range before ending the session with minor losses of 0.3%. The continued weakness in banking stocks led the index to end lower. On the contrary, pharma and IT lent support to the markets. The broader markets performance was mixed as Midcap ended flat whereas Smallcap outperformed and ended higher by 0.7%.
The continued weakness in banking stocks, due to increased fear of a spike in NPAs, is limiting upside despite the strong performance from the other sectoral pack. Going ahead, the updates on COVID-19 cases, vaccination drive and state government actions would be key monitorable for the markets. Further, the earnings season starting next week would induce stock-specific volatility. Meanwhile, we suggest continuing with a cautious approach and avoid overleveraging.
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