Despite witnessing a broader buying especially in FMCG and oil stocks, Sensex and Nifty 50 halted their 9 days of rally on Monday. IT stocks emerged as the major draggers after a disappointing Q4 prints of TCS and Infosys. All IT stocks were in the red.
Broadly, the tone of the market was bullish with midcaps and small-caps outperforming on Thursday after RBI paused repo rate hike in an unexpected move. Sensex and Nifty 50 rallied for the fifth day in a row.
Sensex and Nifty 50 climbed by around 1%. Smallcap stocks continued to outperformer broader indices. Meanwhile, Capital goods rallied the most, and IT stocks also recorded healthy buying ahead of major Q4 results.
Sensex and Nifty 50 gained by nearly a percent tracking strong global cues. The focus has shifted towards RBI s monetary policy and fourth-quarter earnings season. Midcap and smallcap stocks saw a turnaround and snapped their previous days losing streak in the current week.
The next big thing for the Indian market would be RBI s first bi-monthly monetary policy for the financial year FY24. Also, last quarterly results of FY23 will contribute in swaying sentiments. On Tuesday, investors showed cautious tone in Sensex and Nifty 50 ahead of these major events.