Mumbai, April 16 (IANS) BSE Sensex is down by more than 300 points on Tuesday as geopolitical factors continue to weigh on the markets.
Sensex is trading at 73,040 points, down by 358 points. Sensex is on the verge of falling below the 73K mark if the weakness persists.
IT and financials are trading weak with Infosys, Bajaj Finserv, Indusind Bank, Ultratech Cement, L&T down more than 1 per cent.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said economic and geopolitical issues will continue to weigh on markets in the near-term. The economic factor is the rising US bond yields which reduces the prospects of rate cuts by the Fed this year. High bond yields are negative for risky assets like equity and will accelerate FII selling in emerging markets like India.
“The market is more concerned about the geopolitical issue. Israel military chief’s statement that “there will be a response to Iran’s attack on Israel” has increased the probability of escalation of tensions in the Middle East. This is likely to keep the markets weak in the near-term,” he said.
“Investors may wait and watch the developments. Meanwhile, long-term investors can slowly accumulate high quality large-caps on corrections. Further corrections will make valuations of large-caps fair. Large-caps in banking, IT, autos, capital goods, oil & gas and cement are ideal for long-term investment. Since metal prices are firming up, metal stocks will remain resilient,” he said.
–IANS
biz/san/uk
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
