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Last Updated : May 23, 2019 01:12 PM IST | Source: Moneycontrol.com

'Nifty may consolidate after record highs, broader markets can see action'

Ved further said the government will start working on its plans very soon as it is very proactive

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The market cooled off sharply after hitting a record high. Hiren Ved, Director & CIO at Alchemy Capital Management told CNBC-TV18  said that Nifty may go into consolidation as we had big move immediately after exit polls. It is quite possible that everybody has to digest that move but undercurrent in the market is very good.

The 30-share BSE Sensex rallied more than 1,000 points in morning, but came off its highs later to trade 149.10 points higher at 39,259.31 and the Nifty50 rose 54.40 points to 11,792.30 at the time of publishing this copy.

"If we really see, the market did make a big move immediately after exit polls. As actual results are in line or better than the average of exit polls, the sentiment is good and direction is positive," he said.

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He believes, now action should shift from Nifty to broader markets.

The current leads in counting indicated BJP-led NDA is expected to form the government for a second time in a row, but there are a lot of issues including liquidity crisis in NBFC that need to resolve, Ved said.

Another priority of government will be to bring growth back on track, he said.

Ved further said the government will start working on its plans very soon as it is very proactive.

Among sectors, he feels that financials will continue to lead the market. "Consumption will bounce back if liquidity eases. Cement will continue to pick up pace. Government will continue to focus on infrastructure, road, water, etc," he said.

India Union Budget 2019: What does Finance Minister Nirmala Sitharaman have up her sleeve? Click here for top and latest Budget news, views and analyses.
First Published on May 23, 2019 01:12 pm
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