Investors are expected to remain cautious amid concerns over the long-term effects of the ongoing Middle East war, the Israel-Hamas war. Market experts believe that volatility will continue, however, long-term investors will find investment opportunities due to Q2 FY24 results, earnings estimates and increased demand due to festivals. According to IANS news, these things were said by Vinod Nair, Head of Research, Geojit Financial Services. He said that the Indian market will carefully monitor the US GDP data. This will be relative to the Federal Reserve’s interest rate.
Disappointment from IT sector and mixed results from banks
According to the News, Nair said tensions in the Middle East (Israel-Hamas war) and rising US bond yields kept the market soft this week. A weak start to the earnings season, disappointment from the IT sector and mixed results from banks encouraged investors to sell profits. He said FIIs (foreign institutional investors) continued to withdraw funds from the market as the US Fed chair emphasized the need to continue accommodative monetary policy and keep interest rates high.
The focus will be on the banking sector.
On the other hand, Siddharth Khemka, head of retail research at Motilal Oswal Financial Services, said that the focus will remain on the banking sector on Monday. Investors (share market investors) will react to the second quarter results of ICICI and Kotak Bank. Axis Bank, TechM, Maruti, Bajaj Finserv, SBI Life and Dr Reddy’s results are likely to be announced next week. A change in the share market can also be seen on this. Nagaraj Shetty, technical research analyst at HDFC Securities, said the Nifty’s short-term trend remains negative.
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