The Indian market was due for a pullback and it couldn't have come at a better time on an auspicious occasion like Akshaya Tritiya. It was a classic pullback led by rate sensitives like autos and banks which were whacked out of shape by the bears this week.
The Sensex ended at 18518.81, up 308.23 points or 1.69% and the Nifty closed at 5551.45, up 91.60 points or 1.68%. The breadth of the market was also encouraging. About 1674 shares advanced, 1178 shares declined, and 783 shares remain unchanged. Is it time to offload stocks now? Sajiv Dhawan, JV Capital Services advises that if one is sitting on cash, then it is not prudent to be aggressive to suddenly deploy that money because the next 2-3 months are likely to be volatile.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
