Stock Market View | Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services



There is a significant trend in the market decline yesterday. Nifty corrected by more than 1% even when institutions were big buyers. DII buying was Rs 7449 crores and FII buying was Rs 1421 crores. TCS bulk sales by Tata Sons clouds this institutional activity. But the important point is that there has been profit booking by HNIs and retail investors which pulled the market down. SEBI’s warning about elevated valuations in the broader market has played a role in this profit booking.

Fed’s rate decision, more importantly the Fed commentary tonight, will decide the trend in the mother market US.

Buy on dips is likely to emerge today in large caps. Bank Nifty has the potential to lead the buying supported by other high quality largecaps like Bharti, RIL and leading auto stocks.