NEW DELHI: The Indian stock markets may witness some more consolidation over the course of this week after the Sensex and Nifty capped the previous one by ending in the red for the past four consecutive sessions. After a few days of lacklustre movement, the BSE Sensex ended 434 points lower at 50,889 while the NSE Nifty 50 index fell by 137 points to 14,981 on Friday. During the week, the benchmarks lost around 1.5 per cent in value.
According to experts, going ahead, global factors are likely to dominate the market this week—in the absence of any major domestic event. Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services said, that some consolidation will continue due to concerns over rising bond yields and inflation. The market, he added, will also track rising inflation, Covid case numbers, and the expected US stimulus in the near-term.
“Till (Nifty) remains below 15,150, weakness could continue towards the next key support of 14,800-14,700, while on the upside, hurdles are seen at 15,250-15,400,” Khemka said. Nirali Shah, Head of Equity Research, Samco Securities added that in the coming week, investors should be cautious. “Going ahead, markets are expected to remain dull and range-bound in absence of any major positive triggers. Therefore, investors are suggested to count on this opportunity to alter their portfolios by withdrawing monies from the weaker quality stocks and investing new monies in quality bets only on dips,” she said.