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COVID uncertainty to keep stock markets guessing, volatile

BusinessToday.In     March 29, 2021

Stock markets may witness a fickle trend in the holiday-truncated week ahead and would be majorly impelled by the coronavirus situation in the country as well as global cues, analysts said. Equity markets would remain closed on March 29 for Holi and on Friday, April 2, for Good Friday.

The BSE benchmark Sensex dipped 849.74 points or 1.70% last week. Meanwhile, surging coronavirus cases in the country have also dented market sentiment of late. Satish Kumar, Research Analyst, Choice Broking, told the news agency PTI that investors would closely monitor the COVID-19 situation and movement of the US bond yield during the week.

Also Read: Holi 2021: Is stock market closed on Monday? Know about NSE, BSE trading on March 29

"This week is a truncated one as far as Indian markets are concerned due to couple of holidays (Monday- Holi and Friday -Good Friday), hence traders would watch the global cues closely," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Nirali Shah, Head - Equity Research, Samco Securities told the agency, "With no major events this week, markets may continue to remain volatile, especially because of rising cases."

Besides, auto stocks would also remain in focus amid sales data announcement.

Also Read: Warning! A share market correction is in the making

Bourses would also track Brent crude, movement of rupee, and investment pattern of foreign institutional investors.

"Market was in a consolidation stage due to fear of the second wave of COVID-19 and high valuation. The stability in the market depends on the pace of vaccination and fourth-quarter results," Vinod Nair, Head of Research at Geojit Financial Services told the agency.

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