For the second consecutive session, IT and financial sectors led India’s main indices lower, mirroring a decline in international markets.
With a 2% decline, Nifty IT was the largest sectors loser. Nifty Metal experienced a 1% decline.
“High valuations have caused profit booking, which has caused the market to become extremely volatile. Even DIIs who have been steady purchasers are reporting gains. Buying on dips occurs concurrently as well. The market will continue to be extremely volatile in the near future due to these dual moves of profit booking and dip buying.
Buying the reasonably priced large-cap private banking stocks is an option for long-term investors, since they could do better this year than the Nifty.