Sensex and Nifty ended their seven-day winning streak on Thursday due to FII selling and poor global market cues. The stocks in banking and IT experienced the most selling pressure.
Conversely, paint stocks and OMCS will probably benefit from the decline in oil prices.
As the BSE Midcap and BSE Smallcap indices increased during Thursday’s trading, broader markets defied the benchmark indices.
Auto pack saw the biggest sector rise while the FMCG sector shrank.
The market can remain resilient due to three factors.” One consistent drop in 10-year U.S. bond yields, currently around 4.1%, has made the global equity market more favourable. Two, both inflation and India’s GDP growth rate are declining. Another significant plus is the steadily falling price of crude. Three, following the significant outcomes of the state elections, there seems to be less political uncertainty surrounding the 2024 General elections. The bulls have gained confidence due to these factors, while the bears have been compelled to cover their short positions.”