💼The two-day rally in the market is unlikely to sustain beyond a point since earnings concerns are major headwinds.
💼The impact of short covering and the positive sentimental effect of the Maharashtra election results will be temporary.
💼Too much should not be read into the FIIs turning big buyers yesterday since that was due to MSCI rebalancing with higher weightage to HDFC Bank.
💼Leading banks will remain resilient due to consistent buying and reasonable valuations.
💼In the coming days attention will be focused on what President Trump will do.
💼Trump’s selection of Scott Bessent as the Treasury Secretary is a positive from the market perspective since he is regarded as a fiscal conservative.
💼This can help bring down the bond yields in US thereby favouring EMs. But as of now, the dollar index above 107 is a headwind.
💼A sustained rally in the market can happen only when indicators of earnings revival emerge. This is sometime away.
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Posted on : 26 Nov 2024 10:16 AM
