What a week! At a time when most of the bad news was floating around, Indian markets recorded its biggest weekly gain since October 2017, CNBC-TV18 data showed.
The week began with Moody’s downgrade, the March quarter results were largely muted, macro-economic indicators also showed no signs of any green shoots but consistent buying by foreign investors and stimulus hopes from global central banks kept bulls in charge of D-Street.
The Nifty50 witnessed its quickest 1,000-point run-up in just six trading sessions. The S&P BSE Sensex and Nifty50 rose by about 6 percent while the S&P BSE Small-cap index was up 8.8 percent, and the S&P BSE Mid-cap index gained 6 percent for the week ended June 5.
Experts call this a phenomena which is popularly known as ‘fear of missing out’ or FOMO. The liquidity-driven rally led many investors to believe that they might not be able to catch stocks at these levels again which led to buying spree, suggest experts.
“This was more of a FOMO rally which was a mix of spare cash investments and short covering. And going forward, 61 percent Fibonacci retracement levels can take Nifty50 to levels of 10,450-10,500 after which meaningful corrections can occur. However, if the pressure sustains below 10,200 then corrections can start earlier,” he said.
There are as many as 204 stocks in the S&P BSE 500 index which rallied 10-90 percent in just five trading sessions for the week ended June 5 that include names like Indiabulls Real Estate, Titan Company, Bajaj Consumer, Max India, Vodafone-Idea, Trident, IDBI Bank etc. among others.
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