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Below is the Perspective Note on Market 10 May 2023 By Mr. S Hariharan, Head- Sales Trading, Emkay Global Financial Services

“Indian markets have disconnected from other markets in the region to erase the entire under-performance for YTD CY23 – this has been led by a meaningful jump in FII buying in both cash and futures segments. Earnings reported so far have been largely in line with estimates with a few positive surprises in the Financials sector offset by disappointments among IT companies. On the other hand, both DIIs and Retail have been largely absent in terms of participation for the last 20 days. We expect technical resistance around current levels to allow over-bought momentum indicators to cool, and a rotational flow into other sectors besides Financials in the coming couple of weeks.”

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