Pre-market action: Here's the trade setup for today's session
Foreign portfolio investors turn net sellers at Rs 4,595 crore after five days of buying. Domestic institutional investors bought shares worth Rs 9,093 crore.
Premium valuations in the broader market are roaring back to haunt investors as domestic indices declined over 1% on Wednesday. Meanwhile, industry veteran Uday Kotak said there may be some "early froth", and it may be a "little bubbly" but the markets are not out of control."FMCG and contrarian plays like gold are offering some refuge. Other than the premium valuation no fundamental issue is noticed to drawback the long-term growth image of domestic midcaps," said Vinod Nair, Head of Research, .
Here's breaking down the actions:
STATE OF THE MARKETS
- Tech View: The bullish pattern like higher tops and bottoms continued on the daily chart and present weakness could be in line with the new higher bottom formation. But a decisive move below 21860 levels (last higher bottom of 29th Feb) could negate this bullish setup and that could eventually form a bearish pattern like lower tops and bottoms, Nagaraj Shetti of HDFC Securities said.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 5.8% to settle at 14.43 levels.
Stocks in F&O ban today
1) ZEE
2) ABFRL
3) Manappuram
4) RBL Bank
5) SAIL
6) Tata Chemicals
7) Hindustan Copper
8) Nalco
9) PEL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit
FII/DII action
Foreign portfolio investors turn net sellers at Rs 4,595 crore after five days of buying. Domestic institutional investors bought shares worth Rs 9,093 crore.
Rupee
The rupee declined 1 paisa to settle at 82.81 against the US dollar on Wednesday, tracking a broad-based selloff in domestic markets and foreign capital outflows.
FII data
The net short of FIIs reduced from Rs 30,301 crore on Tuesday to Rs 43,820 crore on Wednesday.
Source: Stocks-Markets-Economic Times
