IGI Logo

Below is the market quote 20 October 2021 By Mr. S Hariharan, Head- Sales Trading, Emkay Global Financial Services

India is set to cross the 1 bn mark in total vaccinations in the coming week – coming as this does ahead of the festive season, there is a high degree of optimism in a pick up in credit growth and is reflected in continuing outperformance of financials over other large caps. Mid & Small cap breadth has been weak for the last 2 sessions – however, strong Retail sentiment prevails and is reflected in net long futures positioning for Retail segment rising to a life time high of 10.5 lakh contracts. IT sector results were strong as anticipated, however extant long positioning has acted as an overhang against further outperformance in reaction to results – this is likely to be the case for Consumer staples and discretionary names as well. However, financials have relatively more modest expectations built in and have room to surprise on the upside. Metals sector has been volatile in line with the trend in global metals prices and regulatory interventions. We expect the coming week to stay focussed on bottom up.”

Above views are of the author and not of the website kindly read disclaimer