Today i.e. on March 25, the Indian equity market saw a decline for the second consecutive day. Ukraine-Russia war, fuel price hike and mixed Asian cues weighed on the market sentiment. Today, there was selling pressure in almost all sectors except realty. At the end of trading, the Sensex closed at 57362.20, down 233.48 points, or 0.41 per cent. On the other hand, Nifty closed at 17153 with a fall of 69.80 points or 0.41 percent.
Milind Muchhala of Julius Baer Prolonged geopolitical tensions in Eastern Europe and rising prices are slowly starting to show their impact on demand and profits, it said. Due to which we may see a cut in growth and earnings estimates going forward. In addition, an increase in bond yields could have an impact on equity market flows and equity valuations.
Vinod Nair of Geojit Financial Services Says that the market has turned sideways with a negative trend after the recent 10 per cent rally. The reason for this is the tightening of monetary policies of central banks due to rising commodity prices and inflationary pressures.
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He further said that the domestic markets are showing a lot of strength but now a lot will depend on the Ukraine war and commodity prices. He further said that with the withdrawal of restrictions imposed due to COVID in India, outperformance can be seen in sectors like hospitality, multiplex, transportation.
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Siddharth Khemka of Motilal Oswal Financial Services It is said that today again the ranged trading was seen in the domestic market. The hike in fuel prices took its toll on the market sentiment. Nifty opened with a positive note today but lost its early lead and closed at 17,153 with a fall of 0.4 per cent. Apart from this, softness was also seen in mid and smallcap today.
There were mixed signals from the global equity market as well. US markets closed with gains. On the other hand, there was sluggishness in Asian markets. Tech stocks put pressure in Asian markets. European markets remained flat on poor retail sales figures from England.
Talking about the domestic market, today for the sixth consecutive day, the market was seen tied in a small range. For most part of this week, Nifty was seen moving in the range of 17,100-17,300. The market did not manage to sustain higher levels and selling pressure was visible near 17,350-17,400. Now if Nifty manages to close above this level then it may see us moving towards 17,600-17,750.
He further said that since the government has removed most of the restrictions imposed due to COVID, we can see stocks related to multiplexes, hotels, travel and entertainment giving good returns.
Ajit Mishra of Religare Broking Says that mixed global cues and volatility of crude oil prices are causing trouble for the market. Nifty seems to be trapped in the range of 17,000-17,350. Any breakout above or below this range will clear the market direction, so market participants should keep an eye on sectors and stocks that are performing well. But at the same time, you should also keep your risk management strong.
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