Markets end the day on a positive note

Value buying seems to have driven markets up today

May 26, 2022 3:49 IST | India Infoline News Service
Indian markets have ended the day on a positive note, in the Green. NSE Nifty closed the day up by 144.35 points. BSE Sensex closed the day up by 503.27 points. Top gainers today were Tata Steel, JSW Steel, Apollo Hospitals etc.  Top losers today were UPL, Sun Pharma, Divi’s Lab etc.

Markets closed strongly in the green following some good buying in stocks that were perceived to have become fairly valued or undervalued after their decline in recent days.  Reports that government will not do additional borrowing in the fiscal year to bridge the gap in its fiscal deficit was also a positive news. Too much borrowing by the government pushes up interest rate for private investments.

Steel stocks gained today simply because of value buying. Many investors seem to have taken the view that at the current valuations they are a good buy. When things will normalize, and export restrictions and duties on steel products are removed, investments today will give good returns.

Tomorrow too, markets are likely to be driven by factors such as value-buying and profit-booking. Any unexpected, positive surprise on the economic front is unlikely to come, at least for the next few days.

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