Stock market recovers after yesterday's crash. What's next on Dalal Street?
1 week, 1 day ago

Stock market recovers after yesterday's crash. What's next on Dalal Street?

India Today  

Benchmark stock market indices registered a decent recovery on Tuesday after crashing in the previous session. Despite today’s recovery in early trade, there are visible signs of volatility on Dalal Street due to a slew of factors such as FII selling, strengthening dollar, Q3 results and a few other factors. Prashanth Tapse, Senior VP, Mehta Equities Ltd, said, “Nifty's Monday decline was driven by persistent selling from FIIs, who offloaded Rs 2,575 crore worth of shares, pushing the index below its 200-DMA at 23,907.” “Key catalysts for heightened volatility include FIIs selling Rs 7,078.30 crore of Indian equities in January, a record-low Rupee at 85.85, a spike in oil prices to $74.75 per barrel, and elevated US Treasury yields,” he added. “As the market awaits US NFP data and TCS's Q3 results, Nifty's direction remains uncertain amidst global and domestic pressures,” he noted, indicating that investors should remain cautious for the time being. Meanwhile, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said the 1.6% cut in Nifty yesterday appears to be an “overreaction to the HMPV virus concerns”.

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