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01-01-1970 12:00 AM | Source: Geojit Financial Services Ltd
Quote on Morning market 26th October 2021 By Dr. V K Vijayakumar, Geojit Financial
News By Tags | #607 #4943 #879

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Below is quote on Morning market 26th October 2021 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"There are two important trends in the market now. One, there is selling pressure in the broader market. While Nifty is up 1.52 % for the last one month, Nifty Small-cap is down 1.11%. Nifty Mid-cap is down 8% from its peak. Two, FIIs are continuously selling in the market; they have sold Rs 10300 cr worth equity in the last 5 days in the cash market. If this FII selling sustains that would be a major drag on the market. The 8% correction in the mid-cap space is not getting reflected in the large-cap indices since stocks like RIL (10.4% weightage) ICICI Bank (7.2%) and HDFC (6.5%) have been resilient. And there are no valuation concerns in these stocks unlike the froth that has been accumulating in many stocks in the mid and small-cap space. The run up in many micro-caps and penny stocks has been totally irrational and likely to end in grief for many retail investors chasing these 'cats  and dogs'. As the saying goes, " we will know who all have been swimming naked only when the tide recedes." There are clear signs of the broader market tide receding"

 

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