💼The 6% correction in Nifty from the peak has made India an under-performer with only 13.83% return YTD in contrast to the 23.16% return in S&P 500 YTD.
💼The Hang Seng index with 23.16% return YTD has been the best performing market in recent weeks assisted by massive buying by FIIs.
💼The high valuations in India has been the main trigger for the sustained selling by FIIs, and recent developments like consensus downward revision of FY 25 earnings estimates to below 10% and Bajaj Auto’s concerns regarding weak demand during the festive season dampened the sentiments resulting in big selling in auto stocks.
💼Trends indicate that FII selling and DII buying is likely to continue.
💼A bounce back is likely in the next two or three days but it is unlikely to sustain since sentiments have turned weak.
💼Investors may wait and watch for the market to stabilise and slowly accumulate largecaps like leading private sector banks beaten down by FII selling.
💼ICICI Bank and HDFC Bank have the potential to give decent returns in the medium-term.
.
.
.
#StockMarket #inflation #GeojitOutlook #MarketUpdate #InvestmentOpportunity #EmergingMarkets #StockMarket #inflation #GeojitOutlook #MarketUpdate #InvestmentOpportunity #EmergingMarkets
Posted on : 18 Oct 2024 9:42 AM
