A morning walk down Dalal Street | Market may consolidate or witness profit booking in near term
Episode 1609, Aug 27, 2019, 01:30 AM
The Indian equity market logged the biggest single-day gain in three-months. The S&P BSE Sensex reclaimed 37000 while Nifty50 closed above 11000 levels.
The momentum in the equity is likely to carry for some more time, and investors should remain a buyer with a stop loss below 10800 levels, suggest experts. The initial momentum could take the index towards 11,180-11,200 levels where it could face some resistance.
The rupee on August 26 declined by 36 paise to close below the 72 level against the US currency for the first time in nine months, hit by a 'flash crash' in global currencies due to uncertainty over the trade front.
On the institutional front, FPIs were net sellers in Indian markets for Rs 752 cr, while the DIIs were net buyers to the tune of Rs 1272 cr, provisional data showed.