INSUBCONTINENT EXCLUSIVE:
However, money managers remain sceptical on whether the rally will last given the lack of any other major positive triggers.
Oil prices fell
on Friday on reports that OPEC and Russia are considering lifting production by as much as 1 million barrels a day to meet the supply
shortfall from Iran and Venezuela.
The Nifty ended 91.30 points or 0.9 per cent higher at 10,605.15 while the Sensex ended up 261.76 points
or 0.8 per cent at 34,924.87
the worst is behind us in terms of oil prices
Overall, there are more triggers for the downside
In the broader market, the SP BSE MidCap and SmallCap index also made a comeback, gaining 1.6 per cent and 1.2 per cent, respectively, after
correcting sharply in recent weeks.
Oil Natural Gas Corporation, Tata Steel, YES Bank, Adani Ports and IndusInd Bank were the top
performers on the Sensex, gaining 2.3-4.6 per cent
session but gave up gains and ended down 0.4 per cent at Rs 3,589.45.
Foreign Portfolio Investors continued to remain sellers
They offloaded shares worth Rs 768.3 crore on Friday while domestic institutional investors bought shares worth Rs 887.76 crore
upside in Indian markets from current levels as they believe the risk from elevated oil prices has not abated as yet
Oil prices have been a key source for Indian markets of late as India imports majority of its oil needs
turned out to be short-lived.
Experts remain divided on whether the comeback in mid and small-cap stocks is also sustainable
Inflation is high and exchange rate is up
Maheshwari of Edelweiss Securities believes that mid-caps can be looked at as they have corrected significantly, particularly, housing,
construction, building materials and cement.
