The unexpected up move met with stiff resistance
The market continues to ignore macro challenges and climb up. On Monday, it was supported by RBI's prompt action against the Franklin Templeton crisis.
However, in the absence of further triggers, the market fell off its high due to the sharp sell-out during mid-session. The Sensex still closed 416 points higher after initially climbing 750 points. Nifty gained 1.40% but closed below 9,300 points for the day. Britannia (up 7.02%), IndusInd Bank (up 6.56%) and Bajaj Finserv (up 6.19%) were the major gainers while NTPC (down 1.12%), HDFC Bank (down 0.86%) and M&M (down 0.82%) were the major losers of the day.
The current euphoria in the market is definitely surprising at a time when the manufacturing sector is going through an all-time low. Vehicle sales could hit zero in April with dealerships being shut during the lockdown. The Supply chain remains broken and many of large states are staring at an extended lockdown.
Teji Picks of the day
JK Cement Ltd. (NSE: JKCEMENT)
Granules India (NSE: GRANULES)
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