The Indian Stock Markets on Monday begin the week on a negative note with the Sensex down by over 400 points which Nifty was at 23,730 level. At open, Sensex was at 74,807.97, down by 430.02 points or 0.57% while Nifty was down by 23,731.40. GIFT Nifty was trading at 23,558 in early morning trade, down 150 points or 0.63 percent.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited on the stock market said, "The market is set to start the week on a weak note from global cues. Brent crude has spiked to $111 on absence of initiatives to open the Strait of Hormuz. Elevated crude may force another round of price hikes in petrol and diesel, which will have negative implications for inflation. The spike in US 10-year bond yield to 4.62 % is another negative factor for EM equity markets. Rupee may further depreciate aggravating the vicious cycle of rupee depreciation and FPI selling."
"Some measures to strengthen the rupee are due and likely soon. In the present context, export-oriented sectors like pharmaceuticals will continue to be resilient. Leading private sector banks, under pressure from FPI selling, are fundamentally strong and attractively valued. Long-term investors can accumulate these stocks on weakness."
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