Of over 300 companies, more than 160 companies saw a surge in FIIs holding in January-March quarter of the previous financial year.
Top cues from domestic and international markets which could have a bearing on D-Street
Investors should look beyond fancied names & be conservative as FY18 will be another rewarding year for stock pickers, he says.
Axis Bank, Tata Motors, IOC and BPCL were top gainers, while Infosys, Wipro and Indiabulls Housing Finance were top losers.
Earnings for Q4FY17, macroeconomic data and developments in global markets will be key factors to watch for.
Benchmark Sensex slipped 27 points today to end at 29,620.50 on the last trading day of 2016-17, but scored a gain of over 16 percent for the full fiscal during which investors' wealth grew by over Rs 26 lakh crore.
As Sir John Templeton said ‘Bull markets are known to be born on pessimism, grown on skepticism, mature on optimism and die on euphoria.’
Exit poll results announced by various media agencies yesterday were not clear as some said BJP may get majority and some said it may not in Uttar Pradesh that gives parliament most number of representatives. Hence, experts say wait for final elections results due tomorrow.
Exit polls forecast ruling party BJP registering huge gains in UP, just short of a majority in the state. Overall, they predict the party taking control of three out of five states that went into polls. Industrial data set to be announced later in the day.
However, this correction in the market is nothing to be disappointed about, said market expert Dilip Bhat of Prabhudas Liladhar. The consolidation at current levels is welcome.
Tata Motors was biggest gainer on Sensex and Nifty, up 3.5 percent after Bank of America Merrill Lynch has reiterated a buy call on the stock, with increased target price at Rs 580 from Rs 560 as it expects the valuation multiples to expand as well.
The total market value of all the companies listed on BSE soared to lifetime high of over Rs 117 lakh crore today on the back of stock market rally.
It has been a buoyant start to the year for Indian equities. Strong domestic flows, absence of any major negative surprises in the Budget and a general lack of alternative investment options have overshadowed the worry of demonetisation delaying earnings recovery.
Prevailing conditions aren‘t conducive for a big rally in the markets in the short term, Saurabh Mukherjea told CNBC-TV18. The brokerage house had in November scrapped its FY17 Sensex target of 29,500 in view of the government‘s demonetisation drive. Ambit Capital‘s FY18 Sensex target stands at 29,000.
Equity benchmarks fell further with the Sensex shedding more than 200 points on global weakness. Banking & financials drove the market lower whereas telecom and select auto stocks gained.
ONGC, Coal India, Tata Motors, ICICI Bank and Lupin were top gainers while Wipro, Asian Paints, Axis Bank, Bharti Airtel and Hero MotoCorp.
ICICI Bank rebounded sharply after yesterday's profit booking, up 3.4 percent followed by HDFC, SBI and ICICI Bank with over a percent gains. Adani Ports topped the buying list, up 3.8 percent after losing 6 percent in previous session.
After a sharp run in previous session, equity benchmarks paused for breath Wednesday, with the Sensex closing below 28000 level on profit booking in ITC, ICICI Bank and HDFC. Global markets too were volatile ahead of ECB policy meet on Thursday.
Fertiliser stocks gained momentum with Chambal Fertilisers, Deepak Fertilisers, FACT, GNFC, Madras Fertilisers, NFL, Zuari Agro and Zuari Global rising 6-13 percent.
Equity benchmarks continued to consolidate after yesterday's sharp run as investors awaited more quarterly earnings. The broader markets marginally outperformed benchmarks. Endurance Technologies surged 22 percent on debut. The stock opened at Rs 572 per share against issue price of Rs 472 per share.
Bulls staged a strong comeback on Tuesday as GST council meet kick started. The Sensex surged more than 500 points to surpass psychological 28000-mark, driven by global cues. Short covering and value buying in index heavyweights also boosted the market.
Equity benchmarks as well as broader markets extended rally in noon trade with the Nifty inching towards 8600 level, aided by index heavyweights HDFC, Reliance Industries, ICICI Bank, ITC and Infosys.
HDFC and HDFC Bank rebounded after yesterday's sell-off, up 1.9 percent and 0.4 percent, respectively. ICICI Bank extended rally, up 1.5 percent in addition to 7 percent upside in yesterday's trade, after while maintaining buy call, Nomura raised target price from Rs 285/share to Rs 325/share.
The sell-off continued on Monday as equity benchmarks lost over half a percent, in addition to 1.3 percent loss in last week as investors remained cautious ahead of September quarter earnings. Weakness across the globe and fall in index heavyweights drove the market down.
IOC, ICICI Bank, Force Motors, ITC, SBI, Infosys, Axis Bank and Nilkamal were the most active shares on exchanges.