Below is the Weekly Market Outlook by Vinod Nair, Head of Research at Geojit Financial Services
"Despite a positive opening this week, domestic indices slipped into bear’s grip for four consecutive trading sessions led by profit booking in most sectors. The ongoing market rectification is not an over-reaction and can sustain in the near term due to high valuations. High volatility in the domestic market forced foreign and domestic institutional investors to remain net sellers. Corrections were seen in stocks which were highly overvalued without any fundamentals justifying the high valuations. Indian markets were impacted due to muted Q2 results which were weaker than forecasted due to high input cost. However, on a positive note, the long-term market trend is intact due to further re-opening of the economy, low interest cycle and fiscal & private spending. In the week ahead, domestic markets will continue to track Q2 results for further direction. Any further inconsistency, as seen in recent numbers, can lead to further fall in the short-term"
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