Stay Away From Stock Mkt Until Global Scenario Changes, Says Vishwas Agarwal
Indian equities on Friday (Jan 23) belled the day on a flat note with negative bias tracking global signals.
After opening at 8,804.15, down 9.69 points as against its last closure, the 30-share index, BSE Sensex moved up in the positive terrain after a few minutes of trading in the negative.
Asian stocks fell, led by technology companies and commodity producers, after Sony Corporation predict its first twelve-monthly loss in 14 years and economists predicted China’s economic system will go down further.
BSE Midcap and Smallcap index lost 0.20% and 0.08% respectively.
In the previous day session (Thursday, Jan 22), the Sensex ended flat after gaining 34.67 points, backed by unpleasant earnings of stock specific movement.
At 10.04 a.m., Sensex gained 1.69 points at 8,815.53 after hitting a high of 8,815.53 and a low of 8,776.69. Meanwhile the broad based Nifty was trading lower by 4.95 points at 2,708.85 after touching a high of 2,765.55 and a low of 2,696.85.
The major gainers in the Sensex pack were Reliance Industries (2.59%), Reliance Communications (2.36%), Reliance Energy (0.94%), Hindalco Industries (0.80%), Reliance Capital (0.64%), and Maruti Suzuki India (0.44%).
On the other hand, the major losers included Ranbaxy Laboratories (3.82%), Mahindra & Mahindra (3.01%), Grasim Industries (1.98%), Tata Power Company (1.02%), ACC (1.00%) and Wipro (0.97%).
Stock market analyst, Vishwas Agarwal said that the stock market is still under pressure because of global markets, FII selling and weak quarterly results. There was some panic of January 21 and 22 as prior year markets crashed on this day in a historical way.
Mr. Agarwal also said, “I feel from Friday there will be some relaxation or some cooling of will take place in the selling side as from 10,300 market has reached 8,700 this is a sufficient fall and below this any downside will lead to an oversold position. If there is any pullback it will also be negated due to the FII selling. I prefer to stay away until global scenario changes or any good news comes in the market. Major stock and Index are trading below important level.”