With Nifty circling below the 15,650 mark, is this opening the doors for a heftier selloff?
It looks like the start of a multi-week correction. The market has not broken the critical support level of 15,450. Until that is broken, the market has hope. But if the market manages to hold 15,450, this could just be another correction. Global macros like the dollar index and crude are signalling that this could be the start of a multi-month correction, pending the break of the important support level in the equity market.
Do you believe that if we were to see a downside, it would be largely led by banks?
Market Wrap Podcast, July 14: Here s all that happened in the markets today
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Benchmark indices set to open gap-up; Sensex gains 250 points, Nifty tops 15,650 in pre-opening
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The metals stocks have had a spectacular run in the past year, but off late their shine is getting dimmer as inflation woes and the possibility of a crackdown by the Chinese government are weighing on commodity prices. The commodities like copper have soared nearly 100% in the last year to trade at all-time high levels while steel prices are at 10-year highs. Meanwhile, aluminium and nickel have jumped between 35-45%. But off late, metals prices witnessed a decline in the last one week. Nickel prices have corrected more than 4% followed by copper and aluminium.
Metal stocks naysayers say the rally wasn t supported by demand fundamentals but was rather led by the price rise. Even then, any investor who would have put money in the Nifty Metals index a year ago would have tripled their investment. As for individual stocks, the returns range between 35-850% in the past year. Even on a YTD basis, the Nifty Metals pack has rallied 57% as against a rise of 9% in the Nifty50 pack.
Market Wrap, April 28: Here s all that happened in the markets today
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