After 6 days of continuous fall, benchmark equity indices — Sensex and Nifty — ended marginally higher led by a rally in financial and auto heavyweights. While the Sensex ended 52 points up 37,882.79, the Nifty ended below the 11,300-mark. However, both indexes marked their third straight weekly loss. Bajaj Finance, Yes Bank, Heromotocorp shares were among the biggest gainers, jumping up to 10 per cent. VEDL, HDFC, Bharti Airtel were among the top losers, shedding up to 5 per cent.
Even though stock markets have tumbled in the last few days, they should stabilise in the coming week, said veteran investment advisor Sandip Sabharwal told Financial Express Online. “Markets should stabilize next week as corporate results are not creating a scenario for any significant downside from current levels.However whether we will get any major upside will depend on the MPC Interest rate decision. Without a 50bps cut we are unlikely to see much market upside,” veteran investment advisor Sandip Sabharwal told Financial Express Online.
“In absence of any major trigger, we advise keeping close watch on earnings and global markets for further cues. Nifty may extend this rebound ahead also but upside also seems capped. On sectoral front, select private banks, financials and infra stocks are showing resilience and likely to do well while metal, realty and IT may continue to trade mixed, Ajit Mishra Vice President, Research, Religare Broking said. The investors must observe extra caution in selecting stocks and focussing more on risk management aspects, he added.
The markets are on a free fall since budget after Finance Minister Nirmala Sitharaman proposed additional surcharge on FPIs. The weak sentiment in economy has also added to the decline, experts say.