New Delhi, Jan 16 (SocialNews.XYZ) Head of Research, Geojit Financial Services, Vinod Nair on Tuesday said that the investors are contemplating whether the current euphoria in markets is far-fetched, especially with elevated domestic valuations in mid and small caps.
He said that the broad market exhibited profit booking following a good performance by the IT sector amid weak global cues.
He said that the FII flows are mixed due to a lack of fresh triggers.
“Oil prices stayed firm amid undeterred geopolitical tensions. The latest IIP growth signals near-term softness,” he said.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said Nifty slipped into negative territory after making a fresh high and closed with a loss of 55 points at 22,042 levels.
He said that sector-wise, it was a mixed bag with buying seen in Metal and FMCG.
“Metals were in focus after reports suggested China is considering a fresh stimulus of $139bn through debt issuance under a special sovereign bond plan,” Khemka said.
He said that the global sentiments were subdued amid ECB comments to push back early rate cuts and mounting tension in the Middle East.
“Economic data like China's Q4 GDP, UK & Europe CPI, and US Retail sales data to be released Tuesday and Wednesday kept investors side-line,” he said.
He said that following global cues domestic equities took a breath after rallying in the last few sessions.
“Overall we expect the market to consolidate in higher zones. Banking stocks will be in focus as HDFC Bank will announce its results post-market today,” Khemka said.
Source: IANS
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