FII buying has been a mainstay of the current rally pushing it to record highs. But the selling in the market is now on expected lines as analysts had predicted some consolidation.
The BSE Sensex scaled the 50,000-mark for the first time on Thursday. However, widespread profit booking and weak global cues hit markets and the Sensex tanked 1.5 per cent or 746 points on Friday while NSE Nifty dropped below 14,400 level., , markets, volatile, bse sensex, indian shares
Investors wealthier by Rs 44 lakh crore, FIIs have poured in Rs 1.9 lakh crore since January 2020
Almost all sectors have participated in the rally, with IT and pharma leading the charge with 69 percent and 58 percent gains since January 2020. Sunil Shankar Matkar January 23, 2021 / 11:49 AM IST
The year 2020 was one for history books as the Indian market not only recouped all its losses seen in February-March but also carried forward the gains into the new year to hit a fresh record high in January 2021. The market has nearly doubled from the low of March 24.
The BSE Sensex, which has rallied more than 20 percent since January 2020, crossed a new milestone when it went past the 50,000-mark on January 21, 2021.
Share Market Highlights: Sensex ends 746 points lower, Nifty at 14,371; Asian Paints, SBI, HDFC top losers January 22,2021 16:00 IST
Sensex, Nifty Highlights on January 22: Market indices continued yesterday s fall and closed at day s low on Friday amid profit booking, in line with weak global equities. Sensex ended 746 points lower at 48,878 and Nifty closed 218 points lower at 14,371. HDFC, ONGC, ITC, L&T, RIL, NTPC were among the top losers today, while Bajaj Auto, Maruti, M&M, TCS, HUL were among the top gainers on Sensex pack. Yesterday, Sensex closed 167 points lower at 49,624, Nifty fell 54 points to end at 14,590. Globally, markets traded deep in red today, signalling profit booking amid heavy valuations, given ample liquidity, high earnings growth and positive geopolitical cues.
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NEW DELHI: Domestic benchmark equity indices continued to trade in the negative for the second day today led by selling in financials and pharma counters amid mixed domestic and global cues.
FII buying has been the mainstay of the current rally, pushing it to record highs. Better than expected Q3 numbers so far has also helped the sentiments. However, analysts believe the market is likely to consolidate now. This has been a buy on dips market for months now. Sustained FII buying has been the main catalyst behind this strategy. Of late, better than expected corporate results have been supporting this strategy. Nothing warrants a change in this strategy now. But the market is likely to move into a consolidation phase for the short-term since the big news regarding the US presidency is behind us and the milestone of 50,000 Sensex was reached, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.