Buy or sell: Ruchit Jain of 5paisa recommends buying Marico and Shriram Finance stock this week
Stock Market News: Domestic benchmark equity indices, the Sensex and the Nifty 50, began Tuesday's trade on a flat note amid sluggish global cues and ahead of inflation data. The BSE Sensex opened higher by 13.78 points or 0.02% at 73,516.42 level while the Nifty 50 opened at 22,334.45 level, up 1.80 points or 0.01%. Investors will be eyeing this week's inflation data releases, both for retail and wholesale, for fresh cues.
Data on retail inflation will be out later today. Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 12 The correction of the broader market, especially the small caps, is now the main near-term trend in the market, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The small cap index is down 7.8% from its top, and given the valuations are still high, this correction is probably going to continue. "Quality large caps will bounce back after a correction, but small caps are unlikely to bounce back in the near-term.PSE stocks that have run up too much too fast also are likely to face selling pressure," said Vijayakumar. The Sensex and the Nifty 50, witnessed pressure on Monday's session as investors opted to hold off in advance of the release of important inflation data today in both the US and at home The Nifty Midcap 50 Index fell 0.52%, while the Nifty Smallcap Index fell 1.99% further, indicating that broader markets were also under pressure.
To cut a long tale short, profit-booking dominated Monday's trading. On Monday, the 30-share BSE Sensex ended lower by 616.75 points or 0.83% at 73,502.64 level while the Nifty 50 closed at 22,332.65 level, down 160.90 points or 0.72%. Also Read: Stock market today: Nifty 50,
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