A morning walk down Dalal Street: Stay cautious at higher levels, 12,000 could witness selling pressure
Episode 1247, May 29, 2019, 03:09 AM
It was a volatile Tuesday for Indian markets but benchmark indices managed to hit fresh record closing highs. The S&P BSE Sensex closed above 39700 while the Nifty50 held on to 11900 levels.
The S&P BSE Midcap index rose 0.09 percent while the S&P BSE Smallcap index gained 0.41 percent, compared to 0.17 percent rise seen in the S&P BSE Sensex.
The India Volatility Index (India VIX) rose marginally by 0.18 percent to 16.22 ahead of F&O expiry on May 30. Experts advise investors to remain cautious at higher levels towards 12,000 that could witness selling pressure.
Technically, the Nifty50 made a fresh record closing high but it reversed gains around 11,958 on that was similar to intraday high of 11,957 on May 27.
The rupee May 28 declined by 18 paise to close at 69.69 against the US currency, weighed down by month-end dollar demand from importers and rising crude oil prices.
On the institutional front, FPIs were net sellers in Indian markets for Rs 501 crore while DIIs were net buyers to the tune of Rs 269 crore, provisional data showed.