There was also some concern on corporate earnings for the April-June quarter, which were muted, primarily due to pressure on gross margins amid ongoing geopolitical conflicts and improving supply chain dynamics. Also, emerging market (EM) funds have increased their allocation to India to 19.7% versus 18.1% in June while trimming the allocation to Chines, analysts at Bank of America wrote.
Till August 18, the Nifty had rallied by 4.6%, while the Sensex had put on 4.7%.Īlso Read | US stock market weekly summary and a look ahead at key events this weekįoreign institutional investors pumped $5.6 billion into Indian equities till August 19, compared with inflows of $618 million in July, data showed. Get the latest NIFTY 50 (NIFTY50) value, historical performance, charts, and other financial information to help you make more informed trading and investment decisions. As such there were bouts of profit-taking following the rally earlier in August, analysts pointed out. Also, the recent rally has meant the markets are now a shade more expensive with the Nifty trading at over 21 times estimated one-year forward earnings. However, the weakness in the Chinese economy, driven by the troubles in its real estate market, appears to have led to apprehensions that the slowdown could spill over to other economies as well. We prefer to position for a continued risk-on rally through a mix of domestic cyclical and growth stocks,” they said. “We see many factors coming together, creating a Goldilocks-like scenario for continued support of the bull run in India. The two straight sessions of losses wiped out investors’ wealth worth over `6.57 trillion.Strategists at HSBC wrote late last week that the Indian equity market has seen a turnaround, with easing inflationary pressure and a lower risk of steeper US rate hikes.
Reliance share price falls 0.7%, drags Nifty, Sensex analysts bullish on RIL, stock may rally this much
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