Quote on Market 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
“After a 6-month period of consistent out-performance by mid & small-caps over large-caps, this week has seen a correction in the trend, with a sharp deterioration in market breadth. Both mid-cap & small-cap indices are down 5-7% over the last 3 sessions. Alongside this trend, Retail net longs in single stock futures have also come down by nearly 6% ($750 mn) since the start of the month, suggesting reduction in leverage. A spate of ongoing IPOs is one possible explanation for the reallocation of funds, as also is cooling risk-on sentiment from foreign portfolio investors. Commodities prices have begun to cool in response to a stronger dollar and slowing industrial activity in China – as a result, very strong long positioning in Metals stocks is getting shaken out.”
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