Perspective on market By Mr. S Hariharan, Emkay Global Financial Services
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Below is perspective on market By Mr. S Hariharan, Head Sales Trading, Emkay Global Financial Services on the market
“Banks have been a significant out-performer in the rebound in markets over the last week – the price ratio of Banknifty / Nifty is on the verge of breaking out from a 2-1/2 year downtrend, suggesting a major structural trend change in the market. In the very near-term, a rebound in crude oil prices poses a risk to the current account deficit and therefore, to expectations of INR depreciation. Hence, foreign investor flows would remain a headwind to the market, capping any meaningful upside in absolute terms in headline indices.
Positive commentary from Infy and HDFC Bank over the last few days would serve to cushion sentiment, and these sectors can be out-performers for the coming month. Moreover, there is traction in 2-wheeler sales driven by marriage season demand and reopening of educational institutions. On the other hand, input cost inflation concerns would keep Cement and Consumer Durable companies under pressure going ahead.”
Above views are of the author and not of the website kindly read disclaimer
