Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
Sensex is up more than 400 points in trade on Monday led by metal stocks.
Sensex is trading at 74,053 points, up by 402 points. JSW Steel is up more than 4 per cent, Tata Steel is up more than 3 per cent.
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V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said the undertone of the market is bullish and there is momentum in the market. The market has been showing signs of consolidation but the spurt in Nifty by 322 points in the last 2 trading days indicates that the upward momentum can sustain.
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There are reports of mutual funds introducing restrictions on redemptions from the small-caps schemes. This is in response to the ‘frothy’ valuation in this segment and the concerns expressed by the regulator. The consequence of this action would be higher flows of funds into the large caps, which, in turn, can lift the large caps. So, watch out for large caps in automobiles, capital goods, financials and select pharma which are likely to post good Q4 numbers, he said.
The RBI monetary policy meeting scheduled for April 3 to 5 is likely to keep rates unchanged and, therefore, is unlikely to impact the market, he added.
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