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Below is the market quote 10 November 2021 By Mr. S Hariharan, Head- Sales Trading, Emkay Global Financial Services

“Market sentiment has been somewhat weaker with respect to institutional flows over the last week – FIIs have been net sellers worth Rs 4000 crs in cash segment and Rs 2500 crs in stock future sin Nov so far. Retail long leverage through stock futs continues to be very strong – net long open interest is up to $14 bn, which is a life high. Exuberant participation in primary issuances and high leverage, combined with peaking of earnings upgrade cycle, poses a major risk in the near-term for broader markets.

Auto sector has been benefiting from cooling off of metals prices, which have acted a headwind to margins, as well as a cut in fuel excise duties. Pharma sector faces price erosion headwinds in US market and can be a likely under-performer going ahead.”

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