Markets have corrected over the last week, but the Sensex and Nifty are still sitting at the top end of the rally. Volatility is likely to rise sharply from May 13 as exit poll results would be out by then.The markets have been directionless on low volumes ahead of elections results. The Nifty may continue to trade between 6,700-6,870 with critical supports at 6,650, he added.
FII's continue to be net buyers in the cash market. However, the momentum has come down sharply over the last few days. FIIs bought equities worth Rs. 46 crore yesterday. Year-to-date, they have bought equities worth over $5 billion, leading to over 6 per cent gains in the Sensex.
Consumer durables shares saw buying today. Titan rose as much as 3.2 per cent after it beat Q4 Street expectations.22 stocks traded higher on the Nifty, led by Lupin, which gained 1.4 per cent ahead of its Q4 results. Cipla, Cairn India, HCL Tech and BPCL also traded with over 1 per cent gains.
Hindalco was the top Nifty loser, down 1.3 per cent. HDFC, which reported in line numbers yesterday, traded 0.9 per cent lower.