Stock markets have witnessed volatility recently due to a record spike in local coronavirus cases amid the second wave of the pandemic in the country
During the last week which was holiday-truncated, the 30-share BSE Sensex declined by 953.58 points or 1.95 per cent
On a weekly basis Sensex & Nifty lost around 2% each as COVID-19 cases hit record highs
Market breadth remained positive as 1,182 shares advanced versus 463 stocks declining
Strong gains in ICICI Bank, HDFC, Kotak Mahindra Bank, State Bank of India and Axis Bank helped the benchmarks and the Nifty Bank climb higher
Sensex was up 374 points or 0.79% at 48,080, and the Nifty was up 109 points or 0.77% at 14,406.
Ultratech Cement, IndusInd Bank, Asian Paints, TechMahindra and Axis Bank were the laggards on the Sensex.
Indian equity market, currency, debt and commodity markets are closed on Wednesday on account of Ram Navami.
In FY22 Nifty can deliver 15-20% returns, but before that, it could correct 5-7% or 700-1000 points
UltraTech Cement, HCL Tech, HDFC, Tech Mahindra, HDFC Bank and HUL emerged as the major laggards