Quote on Market by Dr. Joseph Thomas, Head of Research, Emkay Wealth Management.
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Below is Quote on Market by Dr. Joseph Thomas, Head of Research, Emkay Wealth Management.
“The markets today witnessed a bumper listing of one of the most awaited IPOs in recent history, Zomato. The exuberance though was not broad based, the market breadth remained negative for the day. The weekly trend too remained marginally negative as all the major market cap based broader indices closed marginally in the negative for the week. The strong show of IT stocks continued whereas slippages in reported asset quality and expectations of rising NPA risks dragged down the banking stocks. The expected rise in NPAs may have broader market implications as it exposes the pandemic-caused vulnerability of both household as well as corporate balance sheets. Over the coming week the focus would continue to be on the corporate earnings, as the market participants try to gauge the sustainability of the earnings upgrades seen during the last couple of earning seasons. Another factor to watch is the rise in the delta variant cases in US as also in certain parts of Europe.”
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