Share Market Live Update: The market closed on the decline in 6 consecutive sessions, today the first day of the week opened strongly. Today Bombay Stock Exchange’s 30-share key sensitive index Sensex opened with a gain of 152 points at 52949 level, while Nifty also started trading with a green mark, but the market faltered as soon as it opened. Sensex with loss of 122.06 points in early trade 52,671.56 reached the level. At the same time, Nifty had come down to 15,739.65. However, very soon the market recovered from it and at 9.25, the Sensex was up with a good gain of 259.83 points. 53,053.45 reached at.
Let us tell you that the Sensex came down 2,041.96 points or 3.72 percent last week. On the other hand, Nifty lost 629.10 points or 3.83 percent.
How will the market move this week
Santosh Meena, Head of Research, Swastika said, “Inflation and tightening of their monetary stance by central banks are a matter of concern for the markets across the world. The bears are dominant in the local market, but they have sold some more, which may change their trend. Selling is going on in the US market. Investors in particular are selling technology stocks. However, there has been some stability in the last two trading sessions. In such a situation, some relief can be expected in the future.
The direction of the market will be decided by the global trends
In the absence of major developments on the domestic front, the market direction will be determined by the global trends. However, some stock-specific movements may be observed in view of the companies’ fourth quarter results. On the domestic front, the initial public offering (IPO) of Life Insurance Corporation (LIC) is scheduled to be listed on May 17 and could prove to be a major catalyst. As FIIs are selling, domestic institutional investors (DIIs) can try to make up for it. In such a situation, all eyes will be on his stand.
Analysts say that the trend of dollar index, crude oil prices and rupee volatility will also be important for the domestic markets. Investors will also keep an eye on the April wholesale inflation data, which is due on Tuesday.
Opinion of Kotak Securities
Head of Equity Research (Retail) Shrikant Chauhan said rising yields on bonds, higher inflation levels and tightening of monetary stance by central banks globally will weigh on the market sentiment in the near future. Due to the quarterly results, some stock-specific activities may be seen.
Quarterly results of Bharti Airtel, DLF, Indian Oil Corporation, ITC, IDFC, JK Tire & Industries and NTPC are due this week.
Opinion of Geojit Financial Services
The company’s head of research Vinod Nair said that the markets were volatile last week due to the weakness of the rupee, high inflation and the lockdown in China. He said that going forward, the pace of decline in inflation will determine the direction of the market due to the Federal Reserve’s measures.