InvestorQ : What is your trading and investment outlook for stock market on 24 Feb 2021? Is the correction over?
prachi Patwardhan made post

What is your trading and investment outlook for stock market on 24 Feb 2021? Is the correction over?

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diksha shah answered.
4 months ago
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The markets opened with gains on Tuesday and built-up momentum but towards the close gave up almost all its gains. On Tuesday the Nifty and Sensex opened strong but by the end of the trading session, Sensex had actually given up close to 575 points intraday from the peak level as profit booking took over. Most frontline stocks were under pressure.

The day belonged to the legion of metal stocks with Tata Steel, Hindalco, JSW Steel, SAIL and a host of other metal stocks gaining on the back of hopes that the US stimulus could finally be implemented resulting in a huge boost to metals demand. Chinese demand is expected to robust and its trade performance is likely to improve.

For a change, the FPIs were net sellers to a fairly large extent of Rs.1569 crore while DFIs bought equities to the tune Rs.217 crore on Tuesday. FPIs have now sold over Rs.2400 crore of equities just in the last two trading sessions taking net equity infusion in Feb-21 to below the level of Rs.23,000 crore. However, this is still well higher than Jan-21 flows.

Global cues have bene mixed and also lacklustre in the last few days. On Tuesday, Dow Jones Industrial Average was marginally in the positive as was FTSE of UK and the CAC of France. However, the German DAX and the NASDAQ lost close to 60 bps each as the pressure of Monday continued. SGX Nifty is hinting at a positive trading day on 24 Feb.

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