Equity benchmarks fell sharply on Friday, with the Nifty closing tad below psychological 9,200-mark amid geopolitical tensions after the US military launched cruise missiles against a Syrian airfield. However, the rupee outperformed equities, gaining past 64.50 against the US dollar.
The 30-share BSE Sensex slipped 220.73 points to 29,706.61 and the 50-share NSE Nifty dropped 63.65 points to 9,198.30, weighed by pharma, energy and FMCG stocks.
Experts feel the market may consolidate further next week after pricing in Syria missile strike news and start focussing on March quarter earnings that will be kicked off by Infosys on April 13.
“If this geo-political tension escalates further, Nifty may retrace to 9100 in the near future but it will not change the prevailing up trend,” Jayant Manglik of Religare Securities says.
He advises traders to maintain positive yet caution approach and keep a close eye on world markets for further cues.