Nifty closed lower on Friday but gained 0.61% in April series. The new series is likely to remain volatile and bulls would only be able to regain control if Nifty breaks past 11,856 levels on closing basis.
The broader market underperformed the benchmark with BSE Midcap and Smallcap ending with gains of 0.4 percent each.
The broader market outperformed as BSE Mid-cap index rose 0.15 percent while the BSE Smallcap index slipped 0.07 percent
The ongoing earnings season and upcoming F&O expiry are expected to fuel volatility further.
Indian markets will remain shut on Friday, 19 April on account of Good Friday
Apart from stable global cues, a better monsoon outlook from IMD provided relief to investors. The Street is also building hopes of further rate cuts to reverse the economic slowdown
The final tally – the S&P BSE Sensex closed 138 points higher at 38,905 while the Nifty added 46 points to close at 11,690
Two sectors that are looking fairly attractive are auto and pharma. Among autos, investors can look at Maruti while in the pharma sector Cadila looks attractive, suggest experts.
Jagannadham Thunuguntla of Centrum Broking said the movement going forward will be driven by results season and political developments
The final tally – the S&P BSE Sensex ended 238 points higher at 38,939 while the Nifty50 closed 67 points higher at 11,671
In terms of sectors, the IT sector was the top gainer on account of a weak rupee. The rally was led by NIIT, Infosys, Tech Mahindra, and TCS
The repo rate cut of 25 bps was already discounted by markets and thus it failed to trigger any fresh momentum in the market
The broader market indices underperformed as BSE Midcap & Smallcap closed with losses of 0.8 percent, and 0.9 percent, respectively
Experts feel that after the recent upmove seen in Indian markets some consolidation was on cards, but the rally may not be over and investors should sit tight on their positions if they are long on the index or have a positive view.
The S&P BSE Sensex surpassed its previous record high of 38,989 registered on August 29 for the first time in history.
Nifty rallied by 831 points in March to record its highest level since August 2018.
The Nifty Bank rose 3,631 points in March series, biggest ever gain in a series, and Nifty rallied 7.2 percent or 777 points in the same period to register its biggest gains since January 2015.
The S&P BSE Sensex fell by about 100 points while the Nifty50 failed to hold on to 11,500 levels
Banking was the top performer, ending with gains of 2.2 percent followed by Capital Goods and Consumer Durables. On the other hand, the IT sector ended with losses of 0.6% due to rise in the rupee.
"A consolidation of 200-300 points is good for D-Street," said Shailendra Kumar of Narnolia Financial Advisors.
Technically, Nifty formed a bearish candle, but at the same time, it has been holding above crucial support levels, said Chandan Taparia of Motilal Oswal Financial Services.
FMCG, telecom and energy indices rose over 1 percent each while capital goods, auto, and metal indices saw a bit of profit-taking
Ritesh Ashar of KIFS Trade Capital is bullish on the market and expect the Nifty to climb 11760 levels.
Chandan Taparia of Motilal Oswal Financial Services said the index is all set to hit fresh life highs of 11760 by 8-10 weeks or by May-end.
Experts said it is now advisable to look at stocks which are displaying signs of a breakout.