Nifty continues to consolidate as corporate results don't excite the markets!
Good evening everyone,
Reliance, ITC, ICICI, Axis Bank, Kotak bank. . .all came with good results but none could excite the FIIs as they kept selling in the market and kept nifty down. What I actually think now is that, since US markets have been hitting record highs every week, The FIIs are removing money from the Asian market and investing them in the US markets.
The FIIs continue to sell today to the tune of 2376 crores while DIIs continue buying to the tune of 1551 crores.
We could see heavy selling in the second half of the day as FIIs entered the market.
On a daily chart, Nifty has formed a bearish candle indicating some more bearishness if the markets don't sustain above 15700.
Metals & Pharma led the day though marginally. Most sectors continued to consolidate.
Top gainers for the day were SBI Life, Bajaj Finserv & Hindalco, we could also see Kotak bank finally moving up after tits results during market hours today.
When the metal sector led the day, it was interesting to see heavy profit booking in JSW steel after good results today. Wipro, Reliance & SBI were also part of the top losers today. That's it for now, let us catch up in tomorrow's pre-market report to discuss more tomorrow's market.