Perspective on markets by Mr. S Hariharan, Emkay Global Financial Services
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Below Perspective on markets by Mr. S Hariharan, Head Institutional Equity Sales, Emkay Global Financial Services
“Domestic institutions have been strong buyers in the market over the last week, as 2QFY23 results have come in line or stronger than expected, thus far. 5 out of 6 Nifty companies and 12 out of 20 BSE200 companies which have reported thus far have surprised positively. With a quarter of relatively softer commodity prices, we expect the earnings season to be relatively strong going ahead as well. However, developments in global bond markets have been more challenging and the macro environment continues to remain clouded by second order impact of higher interest rates as well as continuing strong inflation prints. While seasonality favours a strong month for global equity markets, we continue to believe that upsides for Indian markets may remain capped due to adverse valuation differential relative to EM peers and hence, muted foreign flows. We prefer Banking, Autos and Consumer discretionary sectors over cyclical”
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