Quote on MarketĀ 31st January 2022 By Rajesh Bhatia, ITI Long Short Equity Fund
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Below is quote on Market 31st January 2022 By Rajesh Bhatia - MD & CIO - ITI Long Short Equity Fund
"Indian markets tried to bounce back on Friday, but due to weak global cues it couldn’t sustain and lost momentum in the last hour of trade. As the market has seen some correction from the top and also, we have a budget lined up this week, there could be a bounce back in the indices. But in our view this move will be tactical and wouldn’t sustain longer. The primary trend of the market could see a dent in the medium term due to inflation risk panning out. Rising rates can see positive momentum in financial stocks. And domestically financials can outperform. The budget is seen as more optimistic, considering the better tax collections and improved current account, due to higher forex reserves resulting from increased IT exports. Thus, the income is expected to be better than before. Also, the inflow is expected due to disinvestment of private sector units, like BPCL etc, as the disinvestment couldn’t happen during the current financial year. Government in this budget is expected to improve the consumption and focus on reviving growth in the economy especially in the rural segment. Budget can take certain measures to improve consumption at the bottom of the pyramid, like more allocation to MANREGA, rural road development, PM Aawaas yojna etc. Also, there could be focus and more allocation to infrastructure spend. Which could benefit sectors like, engineering capital goods, Infra and also cement"
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