The country’s most-watched stock index flirted with the 15,000-mark before ending flat on Wednesday, but experts saw a correction ahead in the bull run that has marked the Sensex since the UPA was voted back to power. Experts say the market is betting on more reforms, and the budget next month is crucial.
The Sensex ended a five-day upmove with modest loss of four points to close at 14,870.The S&P CNX Nifty of the National Stock Exchange ended 5.4 points down at 4,530 points. Notably, foreign institutional investors (FIIs) were net sellers on Wednesday.
“Going by the market trend, I see a healthy correction of around 10 to 25 per cent soon,” said Mukarram Bhagat, Executive Director of ASK Investment Holdings. Anil Advani, Head of Research, SBICAP Securities pointed out that the market has run more than warranted.