IGI Logo

Below the Perspective on markets by Mr. Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services

Indian markets touch an all-time high of 23420 as investors rejoice post cabinet swearing on Sunday and ministry portfolio allocation indicating reform continuity.  FMCG stocks rallied as investors add on the defensive basket with the change in political climate and added impetus on rural sector. Quarterly concalls clearly talked about recovery in the sector with volume guidance to the extent of 5-7%. IT & Pharma also followed the suit. We expect IT earnings downgrade to bottom out in 1HFY25, if current expectations on interest rate cut materializes. HFC stocks fly today on expectation of more welfare schemes from the NDA led government. All in all, despite FIIs sitting on the fence, domestic retail participation continues to push broader market higher. All eyes now to the budget and upcoming earnings season !!!

US jobs data came stronger than expected with 272,000 positions being added in May. Fed expected to hold off cutting rates – decision awaited today. Interest rate cuts by ECB and Bank of Canada. RBI holds rates.

MTD FIIs net selling of ~11200cr has been offset by DII buying to the tune of ~11500cr. On technical, Nifty 50's potential upward move above 23,300 could lead towards 23,800

Above views are of the author and not of the website kindly read disclaimer