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Any disappointment in numbers or even meeting of expectation may see profit booking. But who is to complain? Rs 180, Apollo Tyre is 400 plus, MRF is above 1 lakh.
Many investors bought the stock in anticipation of a rally due to an inflow from the passive funds. Analysts said shares of companies that are due to be part of a main index surge because of buying by passive funds, whose portfolios are linked to the stock weights of a benchmark index.
Well, we are very closely looking at the metal space. I think this is more of a contra view, I would say, because not many market participants are too excited about it. But the way we read the charts, I think a special move is coming. We are already seeing JSW Steel do so well, trading at lifetime highs and clearly good for a lot more.
"Higher treasury yields weighed on the tech sector, with Nasdaq receiving fresh drubbing. Also, escalating US-China tensions, and rising recession fears as Chinese data showing industrial activity weakened in June could dent market sentiment. Technically, Nifty may face a hurdle at the 195,77 mark, while any further escalation could push the index towards the 19,900-20,000 zone," said Prashanth Tapse of Mehta Equities.
Equity benchmark indices opened with cuts on Friday tracking losses in global markets