New Delhi: Geojit Financial Services Head of Research Vinod Nair said, “In response to a mixed global market trend, the retreat in the market was pronounced, with significant declines in IT and banking stocks.”
Despite encouraging Indian PMI data, the market struggled to rally. This downturn was due to apprehensions about the impending rate decisions from the ECB, which is expected to maintain current rates. Anticipation of the Fed policy meeting next week, likely retaining the existing rate, triggered increased US bond yields and FII selling in the market, he said.
Investors, however, await additional details on China’s comprehensive stimulus plans. The broader market is unable to hold gains due to high valuations, subpar results, and persisting geopolitical tension in the Middle East, followed by an F&O expiry weighing down the market, he said.
