InvestorQ : Can you give me your week end view for the Nifty and how is the market likely to be on Friday 23 October?
ishika Banerjee made post

Can you give me your week end view for the Nifty and how is the market likely to be on Friday 23 October?

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diksha shah answered.
1 month ago
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On Thursday, the markets corrected after a sharp rally that almost took the Nifty close to the 12,000 levels. Selling was especially rampant across the IT counters which had been the drivers of the rally in the last few weeks.

Second quarter cues have been mixed but there are pockets of both. HDFC Bank, Infosys and Ultratech results were better than expected and Hindustan Unilever reported strong numbers buoyed by rural markets. However, Bajaj Auto saw volumes pressure.

On Thursday, foreign portfolio investors were net buyers worth Rs.1119 crore while DFIs sold Rs.2020 crore on Thursday. In the last one week, FPIs infused $1 billion into equities while domestic players withdrew a similar amount from the equity markets.

Global market cues have not been too clear. NASDAQ was tepid on Thursday as were European markets but Dow was strong. Interestingly, China has recouped its $10 billion market cap for the first time since 2015. SGX Nifty trades cautiously as Friday approaches.

The moral of the story is to be stock specific. FIIs have been showing a lot of confidence of late and that is what ultimately matters to Indian markets in terms of flow picture. Results have been positive overall although banks may hold the key.
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