May 03 2024,
This was the index's highest close in two months. On Friday. FPIs sold shares worth 22,392 crore. “At historic highs, there is always some nervousness and people watching over their shoulders to see who is rushing through the door. They want to book profits at the earliest sign of trouble. We have simmering tensions in the Middle East and rising US inflation," said UR Bhat, co-founder of Alphaniti Fintech.
“The only relief the market got this week from the Fed was that there won't be any hike in the interest rate. If interest rates continue to be high in the US, the FPI interest in emerging markets will continue to be at risk,” said Bhat. Over half of the decline in Sensex was contributed by RIL, L&T, and HDFC Bank.
“Moving forward, the ongoing results season will be detrimental for investors to align their portfolios. The market will also remain vigilant about the BoE policy and GDP data from the eurozone. We expect a degree of consolidation in the market due to expensive valuations and any election-ledjitters," said Vinod Nair, head of research at Geojit Financial Services.
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