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Below Perspective On Markets By Mr. Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services

“The markets remained flattish the past five trading days despite continued rally in US. The Indian markers are struggling to break 21K on the nifty and we are seeing some consolidation.

The broader market has seen some rotation with the out of favour banks finding some Interest and continued selling in the IT space. Oil prices on the other hand have corrected sharply and now are around the USD70/bbl mark on back of demand fears and lack of Saudi production cuts. The CPI numbers both in India and US were on line with expectations as India saw a surge in CPI driven by higher food prices and US eased as over economic growth slowed. Overall, we believe the broader markets continues to remain strong as seen by the $2.5bn MTD buying by the FII on back of another $2.3b in November. The state elections gave a big boost to the market going into the central elections. Near term as we head into the year end we should expect some consolidation around the current levels.”

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