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Below is quote on Market by Mr. S Hariharan, Head - Sales Trading, Emkay Global Financial Services

“The external liquidity environment is turning adverse, as seen in terms of rising volatility in US bond markets. This is partly influenced by concerns of an early debt ceiling showdown in US Congress and partly by expectations of a further rate hike from Fed in May. Domestically, strong numbers from the few large caps that have reported results have failed to produce the requisite follow-on strength that would indicate additional deployment by institutional investors. Domestic retail investors continue to participate in the wider small-cap universe but momentum at the headline index level appears to be stalling in the near-term. Bank nifty, in particular, after having led the market rally since late March, has started losing momentum and appears vulnerable to a sizeable pull-back. CPSE index appears the strongest placed (breaking out to new highs) while Consumer discretionary sector appears weakest from a technical perspective for the coming fortnight.”

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