InvestorQ : Can the rally on the Sensex and Nifty continue for the rest of the week after the 2500 points rally in Sensex on April 07?
Aashna Tripathi made post

Can the rally on the Sensex and Nifty continue for the rest of the week after the 2500 points rally in Sensex on April 07?

Answer
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Tisha Malhotra answered.
6 months ago


The rally on the 07 of April was along expected lines although the quantum of rally was rather unexpected. Indian markets were sharply higher with the Sensex rallying by more than 2500 points on Tuesday even as the Dow also opened nearly 800 points higher. The rally came on the back of hopes that the Coronavirus syndrome was actually slowing. However, the New York numbers were a shocker on Tuesday. In India, the banks rallied sharply taking the markets higher. However, traders will have to be careful as there is still a lot of caution at higher levels and the rating downgrade by Moody’s will weigh on the baking stocks. Pharma and FMCG stocks also rallied across the board on robust demand. The clear positioning in the markets appears to be in favour of FMCG and pharma stocks. Banking could see further pressure at higher levels as the Moody’s negative view comes in to impact the markets.