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.
IBM partners Sarvam to strengthen India's sovereign AI ecosystem
IBM and homegrown AI startup Sarvam have partnered to accelerate the development and adoption of sovereign artificial intelligence (AI) technologies in India, with a focus on government agencies, public sector organisations and regulated enterprises, according to a statement on Friday.
Sensex climbs 274 pts, Nifty ends above 24,300 as auto stocks lend support
Indian equity benchmarks closed with modest gains on Thursday after a subdued trading session, as investors remained watchful of the evolving geopolitical situation in West Asia.
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Indian equity benchmarks extended their losing streak to a fifth consecutive session on Friday, marking their longest stretch of declines since the first week of January, as investors remained cautious amid concerns over the inflation and growth outlook in the backdrop of elevated crude oil prices.