In the last two days, FPIs have sold stocks worth Rs 2,081 crore indicating buying exhaustion, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
FPI flows have slowed down. This is normal response to the rising dollar index which has moved up to 101.4 from the recent low of 99. Even though Nifty is showing signs of resilience, it is unlikely to race to 20,000 level in the next few days, given the rising dollar and declining FPI inflows. Brent crude spiking to $82 will be another drag on the market, he said.
Globally markets will be keenly watching the US Federal Reserve commentary since a 25 bp hike in rate is already known and discounted by the market.
Q1 results due on Tuesday -- Tata Motors, Bajaj Auto -- and expected on Wednesday -- Axis Bank, Cipla, Dr Reddy’s, Bajaj Finance, Tech Mahindra -- will influence stock prices and market sentiments.
Market is likely to consolidate within a band for now and wait for triggers to move, either up or down, he added.
ITC is down for the second day after hotel demerger announcement. The company is down more than 2 per cent while BSE Sensex trades flat at 66,368 points, down 15 points on Tuesday.
VC funding drops 22.5 pc in China in Jan-Nov as India sees surge
As venture capital (VC) funding surged in India this year, China saw a 22.5 per cent decline in VC funding by both volume and value in the January-November period, a report showed on Thursday.
Indian share market opens in green, Nifty above 23,800
At around 9:37 am, Sensex was trading at 78,744.55 after gaining 271.68 points or 0.35 per cent, while the Nifty was trading at 23,812.50 after gaining 84.85 points or 0.36 per cent.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.