GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Monday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended unchanged at 24,891 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 104.20 points or 0.42% to settle at 24,854.05 while the BSE Sensex jumped 218.14 points or 0.27% to 81,224.75.
“A sustained selling pressure from FPIs, muted Q2 earnings expectations, and elevated valuations acted as a headwind for the market. Insipid demand and volatility in input prices are the hinderance of a slowdown in earnings during the quarter. Geopolitical tensions and uncertainty ahead of the US presidential election paved the way for haven asset gold to climb a new record high. While a caution from an auto major about weak festival demand further added pressure on the indices. Bank Nifty, on the other hand, recouped the current week losses on account of a positive start to the earnings season with lower-than-expected slippages, supporting large private banks,” said Vinod Nair, Head of Research, Geojit Financial Services.
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Nair also added that we expect the investment strategies favouring China over India may tactically support for the short term. However, the long-term outlook for the domestic market remains robust with a stability in growth and a pickup in capex. We expect the market to be range-bound in the short term with mixed bias, while investors should turn more sector- and stock-specific in such a time. Focus will be on large caps and growth areas like staples, agriculture, FMCG, consumption, power, digital, and infra. Buy-on dips will be the strategy on a short- to medium-term basis.
Stocks to Watch on October 21, » Read More
