15-05-2024 05:22 PM | Source: Emkay Global Financial Services
Perspective On markets by Mr. Jaykrishna Gandhi, Head Business Development, Institutional Equities, Emkay Global Financial Services 

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Below the Perspective On markets by Mr. Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services 

 

A volatile week for Nifty with index touching 21850 levels start of the week with all eyes on the last phases of the 2024 Lok Sabha elections. Last two days saw a bounce back with Metals, PSUs and small caps outperforming the frontline index. Stock specific moves observed on MSCI index rebalance. A few earnings callout - ABB & Siemens surged on huge PAT beat, VBL rallies as company gears up for peak season, BOB falls on higher slippages and credit costs, TaMo shares plunge with peak performance now behind 

Global markets maintain momentum ahead of the US April CPI report - to throw more light on Feds interest rate path going forward.

FIIs continue to be on a net selling spree - with MTD net selling seen to the tune of Rs 33,540cr. High volatility, elections uncertainty and optionally on Chinese markets recovery drives this bulk FII selling. DIIs have net bought Rs 26,500cr MTD - not aggressive enough to counter the overall FII net outflows. On technicals, immediate resistance is at 22400 levels and the next lower levels to be watched around 22000 levels.

 

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