In May, Nifty was volatile and made a high-low of 12,041–11,281, and advanced 1.5%. On May 8, the market status was downgraded to an Uptrend Under Pressure. Markets progressed well after the exit poll numbers were out and final results, which gave the mandate for a stable government. On May 27, Nifty reclaimed its previous rally high of 11,857 and market status was upgraded to a Confirmed Uptrend. FIIs/FPIs were net sellers in May (Rs 2,200 crore) for the first time in 2019 on a monthly basis, while the net purchase from DIIs was more than Rs 5,000 crore.
Of the 48 developed and emerging markets we track, at the end of April, 34 were in a Confirmed Uptrend and none of them were in a Downtrend. But by May end, only nine were in a Confirmed Uptrend and 17 in a Downtrend, indicating weakness in global markets. Continue reading “Industry Update : May 2019”