Stock Market News 💥 Market Wrap With Pankaj Pandey | #icicidirect

Consolidation in the offing with eyes on earnings
• Indian equity benchmarks underwent profit taking last week amid muted global cues and selling in heavyweight private bank amid earnings disappointment.
• Nifty declined 1% for the week led by 3% cut in Bank Nifty while Nifty Midcap and small cap indices managed to close marginally in green
• On Global front, most developed market indices were in red amid push back in interest rate cut expectations
• Nifty is expected to mark consolidation in coming week and undergo higher base. As we expect index to hold strong support at 21000, adopt strategy to buy the dips with target of 22000 in run up to budget
• Sectors: In runup to Union Budget, we expect PSU, Infra, companies with rural exposure, HFC,s, Corporate lenders, Oil & gas to relatively outperform

FPI Outflows
Equity markets saw one of the steepest outflows of Rs ~ Rs 20000 crores in just 2 sessions after Covid.
Most of the outflow seems to be from HDFC Bank, but considering huge weight in headline index, Nifty has gave away almost 900 points from highs.
Moreover, in F&O space we saw sharp liquidation of longs as the net longs turned net shorts within a span of 2 days.

India inflation continues to be benign.
• CPI inflation for the month of December was 5.69% YoY vs. 5.55% in November and lower than market expectation of around 6.0%.
• Inflation was higher only in Vegetables while it declined in almost all other major items.
• Core inflation fell below 4% for the first time in almost 4-years printing at 3.9% YoY (vs. 4.1% in November). Most of the items in core are either trending below or within comfort zone. Lower crude oil and other commodity prices is helping it remain subdued.
• CPI at 5.4% in Q3 is lower than MPC estimate of 5.6%. Given inflation is projected at 5.2% during both Q1 and Q2 of CY24, inflation is likely a non-event in next few months.
• General consensus as of now is largely of 50-75 bps rate cut by RBI starting August while we believe that the rate cut could be of 75bps. Yields could decline even more than 75bps given impending FPI index inclusion inflows.

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[AnandSingh-iihl]

Any chance of Multibagger stock 4 in near terms

[sureshkumarramachandran]

Thanks ICICI Direct ⚡and Gaurav for great open ended question to get expert view from Sanjay for us on Market✨✨