F&O expiry tomorrow crucial: Anand Rathi

Anand Rathi, in a report released this morning, said the market is expected to show wide swings with the impending expiry of the derivatives contract for May tomorrow.

"However, with the positive trend in yesterday's session in both the Indian and some Asian markets, the overall underlying sentiment is expected to get a fillip for a while."

"The depth is expected to remain shallow and would thus lack conviction at least up to the start of fresh contract period. With the markets at a significantly discounted level, renewed interest is expected to be witnessed from foreign investors and domestic institutions alike, and we could witness some sovereign rally in the near future."

"Before that, stock specific re-rating would continue for some more time as some of the second-rung, fundamentally-not-so-sound companies would continue to pose pressure on the overall sentiment reading."