Back home, domestic factors remained positive due to improving inflation data, good quarterly results and oil prices falling by around 10% over the past two days. However, continued sales of FIIs and weak global indices have had a negative impact on the domestic market.

Additionally, traders have been seen to book profits ahead of Wednesday’s holiday to avoid global volatility. Banking, auto, metals and real estate stocks were the biggest losers today, while cement and consumer goods stocks rebounded intelligently after ACC and Asian Paints reported impressive quarterly results. ACC’s 2QCY21 result positively surprised thanks to tight cost control. Moreover, coupled with a better pricing environment, this led to an EBITDA / t of Rs 1,279 – the highest since CY10 – despite higher energy costs.

Commenting on the market outlook, Siddhartha Khemka, Retail Research Manager, Motilal Oswal Financial Services said: “Technically, Nifty has formed a bearish candle on the daily scale and continued its lower highs – forming lower lows of the past two sessions. Key support now stands at around 15,500 zones while at On the upside, the index may face resistance around 15,800 levels. “

“The first quarter earnings season has so far been better than expected – leading to industry / equity specific action – which is also expected to continue in the near term. Additionally, it may provide investors with insight into the future. Magnitude of economic recovery through management commentary. Market has seen a selloff from recent life highs due to weakness in global indices. While declines are factored in, tracking is lacking higher levels, suggesting a certain fatigue setting in.

Overall, the equity markets have shown strong resilience even as they face headwinds related to the advent of a possible third wave of COVID and persistent inflation readings leading to a potential rate hike. This time around, restrictions were localized and less stringent compared to the CY20 lockdown, leading to positive macro data points on both the global and domestic front, giving investors confidence for the economic rebound. . Therefore, it would be a tough fight between the Bulls and Bears in the next few days and we must remain vigilant on possible movements in both directions, “he added.

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