Daily Market Analysis : Markets edged higher on the weekly expiry day and gained nearly a percent Says Mr. Ajit Mishra, Religare Broking
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Below Quote Daily Market Analysis 04 May 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets edged higher on the weekly expiry day and gained nearly a percent. After the flat start, the Nifty index gradually inched higher and settled closer to the day’s high at 18,255.80 levels. Meanwhile, a mixed trend was witnessed on the sectoral front wherein financials and metal posted decent gains while realty and FMCG traded subdued. The broader indices traded in tandem with the benchmark and gained half a percent each.
The surge in the index shows more leg to the prevailing up move before it settles for some consolidation. Apart from consistent buying in banking and financial majors, the rotational participation from other sectors is fueling the recovery now. We thus recommend aligning positions according to the trend, with a focus on stock selection.
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