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Below are Views On Markets ended almost on a flat note for the second successive session By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets ended almost on a flat note for the second successive session, taking a breather after the recent surge. Initially, the benchmark opened with an uptick following upbeat global cues however profit-taking in the index majors, especially from the banking space, trimmed all the gains. On the flip side, sectors such as FMCG, consumer durables and IT capped the fall and aided the index to close unchanged.

In absence of any major event, global cues will continue to dictate the market trend in near future. Besides, any news of unlocking by the state governments will also be closely watched as we’re seeing a sustained decline in new COVID cases. We feel the choppiness may continue especially in the F&O stocks ahead of the upcoming monthly expiry of May month contracts. Traders should align their positions accordingly and continue with the “buy on dips” approach.

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