Buy or sell: Vaishali Parekh recommends buying in 3 stocks today - 9 August
Nifty and Sensex ended in red on Tuesday's session as investors continued to stay on caution in light of two significant events, the RBI's monetary policy and the US inflation data due out this week. The domestic markets' sentiment was also dented due to ongoing foreign fund outflows and a negative trend in Asian and European markets. On Tuesday, foreign institutional investors (FIIs) continued to offload shares of Indian companies worth ₹711.34 crores for the nineth straight session.
On Tuesday, the Nifty 50 index was down 0.13% at 19,570.85 while the S&P BSE Sensex dropped 0.16% to 65,846.50. Mid and smallcaps outperformed the benchmark Sensex. The BSE Midcap index ended with a gain of 0.15% while the Smallcap index rose 0.25%.
Also Read: Market Wrap: Sensex, Nifty falter amid weak global cues; mid, smallcaps outperform According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, Nifty’s two-day rally was on hold, and its not clear what might restart it. Bank Nifty however ended above dotted lines as Nifty PSU Banks index jumps 3.49%. Amidst volatility, Nifty ended lower and stayed vulnerable.
The positive takeaway from Tuesday’s trade however was that the BSE Midcap and Smallcap indices and Bank Nifty however ended above the dotted lines. "Investors now anxiously await: US inflation data. The reading will help inform the Federal Reserve’s September interest-rate decision and the path forward from there.
RBI’s interest rate decision by the monetary policy committee (MPC) meeting. The street expects the RBI to hold its repo rate at 6.5% as well as uphold its policy stance," added Tapse. Also Read: FIIs remain in selling mode offloading ₹711 cr, DIIs infuse ₹537 cr mitigating
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