A morning walk down Dalal Street | Market is likely to remain range-bound amid F&O expiry, stay stock specific

Market snaps three-day winning streak and closed in the red ahead of the crucial F&O expiry day on Thursday. But, the good news is that we saw some recovery in the last one hour of the trade which helped Nifty to climb above 11000 levels.

Deepening inversion of the US bond yield aggravated worries of a looming recession in the US which made investors worried when the sentiment is already fragile due to trade tension between the US and China and the sluggish pace of global economic growth.

BSE Midcap and Smallcap indices underperformed benchmark Sensex, closing with losses of 0.92 percent and 0.64 percent, respectively.

Going forward, the market participants would keep a close watch on currency movement and upcoming Q1FY20 GDP data. Globally, trade tensions between US-China is likely to induce volatility into the Indian markets, suggest experts.

The market would also react to FDI norms in various sectors of the economy to boost consumer and investor sentiment.

The rupee declined by 29 paise to close at 71.77 against the US dollar on Wednesday as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese yen.