IGI Logo

Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

The markets extended their upward movement for another session, gaining over half a percent, continuing the existing uptrend. After an initial decline, the Nifty experienced sharp oscillations on both sides in the first half, but renewed buying in select heavyweight stocks helped the index climb higher. It ultimately settled at 24,800.85, up by 0.76%. Among the sectoral indices, IT and FMCG posted decent gains, while PSE and metal were on the back foot. However, the broader indices underperformed, shedding nearly a percent each.

Markets have been inching higher as expected, driven by rotational buying in heavyweight stocks. We are now eyeing the new milestone of 25,000 in the Nifty. However, the recent underperformance of the broader indices is tempering the overall buoyancy. Amid these mixed signals, we reiterate our recommendation to focus on stock selection and prefer hedged positions, given the anticipated rise in volatility due to the upcoming Union Budget and ongoing earnings season.

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