Market commentary by Mr. S Hariharan, Emkay Global Financial Services
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Below is quote on Market by Mr. S Hariharan, Head - Sales Trading, Emkay Global Financial Services
FII flows into India have turned negative for the last few sessions, after a positive start in Oct. As a result, despite expectations of a strong earnings season, the broader market has been moving sideways, with DII inflows offsetting FII selling. Fears of potential earnings downgrades for IT stocks have not materialized thus far, while Banks are expected to report strong earnings in the coming couple of weeks. We expect the current bout of macro volatility to continue to cap any meaningful upsides in the indices, strong fundamentals notwithstanding. Consumer staples and discretionary names have been seeing some pressure on account of concerns related to margins going forward with commodity prices picking up again.”
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