We know we are ending a week where you actually saw the Nifty underperform, and the Nifty saw profit booking emerge at all higher levels. In fact, the Indian markets have declined continuously for the past three trading sessions. On Thursday, the Nifty did see a gap of opening and it also saw a favourable global backdrop. However, despite that, it could not hold on to the opening gains yesterday. Meanwhile, the US markets ended with gains. The Dow Jones ended around 0.4 percent higher and the S&P 500 as well as Nasdaq, both ended with gains of over a percent now, against a favorable backdrop. Also we are now coming towards the end of the fourth quarter FY23 earnings season. What we are actually seeing is a lot of buying activity was being witnessed, and has continued. However, despite that, the Nifty and in fact, even the broader end of the market has seen some profit booking. The Nifty has now fallen over 300 points from Monday's high of 18,458.

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19 May 2023