Local politics, US Fed, oil prices & corporate earnings will be key factors to watch out.
While benchmarks indices managed to stay resilient, the bigger pain was in mid and small cap shares.
Punjab National Bank posted the highest loss among PSU banks in the fourth quarter.
Manpasand Beverages’ shares ended at Rs 275.85 on Tuesday, hitting the 20% lower circuit.
Despite the gain in the last six sessions, the Nifty PSU Bank index is down 18% since January.
"Top down, 2018 is looking like a South African pitch where you have to bat very carefully."
May has been a month of high volatility, particularly for mid-cap stocks.
The nervous mood among investors is because of concerns over surging oil prices, weakening rupee and rising bond yields.
With the market sentiment turning worse, analysts advise taking refuge in large-caps.
Mid and smallcap indices have slipped 8 per cent so far in May.
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