The market closed lower this week. The market correction led to the complete loss of Monday’s gains. The Nifty and the Sensex fell more than one per cent this week.
The Nifty, which soared after a budget that included a number of government investment projects, has come under a correction after approaching 15,500, raising concerns about whether the cycle of rising interest rates could begin. The Reserve Bank of India (RBI) has decided to keep interest rates unchanged at the last monetary policy review meeting. Ten-year government bond yields have risen to 6.13 per cent. This led to a correction in the stock market.
Bank Nifty, which had gained 1300 points on Monday, fell by 1600 points in the next four days. The correction was mainly by private
Shares of all sectors strengthened on Friday. This has accelerated the pace of market correction.
The correction is likely to continue. The Nifty has support next at 14,650 after breaking the 15,000 mark. It has resistances at 15,200 resistance.