Sensex crosses 77,000-mark, then tumbles into the red

livemint.com:

Motilal Oswal Financial Services. With the elections now over, he sees the focus reverting to bottom-up stock picking.With the market now refocusing on fundamentals over sentiment, Gaurav Dua, senior vice president & head - Capital Market Strategy, Sharekhan by BNP Paribas, said, “We see the upward bias to continue with sector rotation in favour of consumer staples and rural demand driven stocks." He noted that smart money is flowing into consumer stocks and some of the beaten down IT services companies.Meanwhile, Alok Agarwal, head of Quant and fund manager at Alchemy Capital Management, expects the dominant trend to continue, led by domestic cyclicals such as defence, power, real estate, auto, and industrials.Though, investors took some money off the table on Monday.

With that, Nifty 50 settled at 23,259.20 points, down 0.1%, and Sensex closed 0.3% lower at 76,490.08 points. Also, heavyweight Reliance Industries retreating from its day’s high, along with losses in shares of index majors like Infosys, HDFC Bank, Mahindra & Mahindra, and TCS resulted in the headline indices closing in the red.Andrew Holland, CEO of Avendus Capital Alternate Strategies, noted that volatility may persist until the Budget announcement, with potential changes to capital gains tax being a key concern.