InvestorQ : What is your over stock market view on Nifty and Sensex and the global markets for 28 October?
Arti Chavan made post

What is your over stock market view on Nifty and Sensex and the global markets for 28 October?

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Rutuja Nigam answered.
2 months ago
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There was some respite on Tuesday after a sharp correction on Monday. It was a day of gains as the Nifty rebounded by 122 points recovering most of the losses of Monday. Kotak Bank led the charge with 11% gain and was supported by FMCG heavyweights in the rally.

However, the IT stocks that led the rally in the last few weeks appear to be up for some amount of profit booking. In fact, most of the front line counters are seeing profit booking. However, I don’t think it impacts the long term attractiveness of the sector.

Let us talk about FPI flows. FPIs were net buyers to the tune of Rs.3515 crore while DFIs sold Rs.1571crore on Tuesday. Some large FPIs like UBS and SSGA have confirmed that there has been some shift to India as an immunity bet against uncertainty of the outcome of the US elections. They expect Indian economy to more of an economic island.

Global cues continued to be weak for the second day in succession. Weakness continued across the Dow and European markets although the NASDAQ was in the green on Tuesday. SGX Nifty is around 15 bps down reacting to the weakness in the Nikkei Index in early trades on Wednesday. Asia could hold the key to Indian markets on Wednesday.
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