Perspective on markets by Mr. Jaykrishna Gandhi, Emkay Global Financial Services
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Below the Perspective on markets Mr. Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services
“Indian markets have been range bound this week. A few stocks caught headlines. VI Board approves fund raise of Rs45000cr. Whirlpool corporation sold 24% of its stake in Whirlpool India through open market taking down their shareholding down to 51% - major domestic mutual funds participated in the block. Government released findings of Household Consumption Expenditure Survey (HCES) over the weekend - showing share of food expenditure in household spending reducing significantly.
Global markets struggle for direction over the week, ahead of key US economic data - second estimate of GDP, PCE and manufacturing data. AI chip giant Nvidia gains a whopping 16% on Friday on posting bumper earnings. Fed highlights no hurry for cutting rates given upside risk to inflation.
FII continue to be net sellers - with MTD net selling seen to the tune of Rs 17,650cr. DIIs, on the contrary have net bought Rs23,782cr MTD. On technicals, Index to remain sideways between 22,000 to 22,200 levels as market faces strong resistance on upside level of 22,200 to 22,300.”
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