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Markets expected to consolidate over next few days
The Nifty retreated from record-high levels and remained in the negative territory throughout the session to close flat at 22,453 levels on Tuesday, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Mumbai: The Nifty retreated from record-high levels and remained in the negative territory throughout the session to close flat at 22,453 levels on Tuesday, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
While the Nifty 50 index shed 8.70 points, or 0.04 per cent, to close at 22,453.30 on Tuesday, the Sensex was down 110.64 points, or 0.15 per cent, at 73,903.91.
The broader market outperformed by more than 1 per cent. Sector-wise, it was a mixed bag with buying seen in metals, realty, oil & gas, consumer durables, and auto.
The realty sector was in momentum after unsold home inventory declined by 7 per cent in Q4FY24 in nine major cities, while stamp duty registration for Mumbai in FY24 also jumped 13 per cent YoY, Khemka said.
Metals stocks rallied on the back of rising metal prices globally and India’s manufacturing PMI surging to a 16-year high of 59.1 in March.
The global markets are expected to remain volatile ahead of key economic data scheduled to be released within the next two days. Further, US Fed Chair Powell's speech is also due on Wednesday, which will be keenly looked upon, Khemka said.
"After the strong move seen in the previous session, we expect the market to consolidate over the next few days keeping the various key events in mind," he added.
The domestic equity benchmarks opened flat on Tuesday and remained lackluster throughout the day, as per a note by Asit C. Mehta Investment Interrmediates.
The broader indices were mixed; however, midcap and smallcap sector stocks witnessed strong buying interest.
Sector-wise, media, auto, metal, consumer durables, oil & gas, and realty sectors witnessed strong buying interest, while information technology, finance, pharma, and healthcare sectors remained under pressure, the note said.
