Experts expect the market to continue to consolidate for few more days due to lack of triggers. Next trigger, according to them, would be earnings
The market extended gains amid consolidation for second consecutive session Wednesday ahead of expiry of March derivative contracts due tomorrow. Investors awaited final clearance to important GST bills that presented today by Finance Minister in parliament for discussion.
The 30-share BSE Sensex was up 121.91 points at 29,531.43 and the 50-share NSE Nifty gained 43 points at 9,143.80, backed by banking & financials, FMCG and select technology stocks.
Experts expect the market to continue to consolidate for few more days due to lack of triggers. Next trigger, according to them, would be earnings.
Jayant Manglik of Religare Securities says consolidation is still not over yet and market needs broader participation for a sustainable move.
He feels volatile swings will subside after the derivatives expiry. He suggests limiting leveraged positions and wait for further clarity.
Rahul Chadha of Mirae Asset Global Investments (HK) also says the time for easy money is over as markets are up 15-17 percent (from lows) and a breather could be on the cards.
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