Stagnant FIIs and rising Covid-19 cases may put pressure on markets, explains Market Guru Anil Singhvi

Zee Business Managing Editor Anil Singhvi says that the rising Corona-19 cases in India and stagnant buying by Foreign Institutional Investors (FII) will not let the markets soar, and the selling pressure may likely continue. 

However, he was optimistic about the 4th quarterly results and strong global markets and said that these things won’t let the market fall exponentially. US markets such as Dow Jones and S&P have closed record highs, which shows sentiment is strong, he added. 

See Zee Business Live TV Streaming Below:

Market data available on NSE shows that Foreign Institutional Investors on Friday sold Rs 654 crore and Domestic Institutional Investors sold Rs 271 crore worth holdings. Singhvi says, Unlike FIIs, DIIs don’t have much money and FIIs are currently in wait and watch position amid the deteriorating situation.   

Singhvi said, "Strong global markets won’t let the Indian markets nosedive, however, we are missing the rally and opportunity if growing alongside global markets." He expects, remaining April series may be challenging for the markets and we could see range-bound around 14250-14350 level. 

अप्रैल के बचे हुए दिन सबसे अहम...@AnilSinghvi_- कोरोना के बढ़ते मामले, FIIs की खरीदारी थमने से बाजार पर रहेगा दबाव। बेहतरीन रिजल्ट सीजन और ग्लोबल मार्केट की मजबूती से मिलेगा सहारा

तेजी की पोजीशन हल्की रखें, हर गिरावट पर करें खरीदारी और रेंज के लिहाज से अलर्ट रहें#EditorsTake pic.twitter.com/9dWFuOEsqj

— Zee Business (@ZeeBusiness) April 12, 2021

Market Guru urged, investors to stay alert but optimistic and purchase at the lower side of the market. The sectors such as IT and Pharma are still strong and would continue to strengthen the market, however, financial stocks are dragging the market down, he explains. 

Bank Nifty posted the lowest closing on Friday, whereas Nifty has given the best closing in the last two three weeks. Heavyweights are under more pressure as compared to small and mid-cap stocks, says Singhvi.