Dear patrons, welcome to yet another edition of our weekly blog. It was a roller coaster ride on the bourses last week. Markets spent most part of the week consolidating in a narrow range and broke out of the range in style on Friday after IT giants Infosys and TCS declared good set of numbers.
The markets seem to have liked the results and the stocks rallied in anticipation of interest rate reduction around the globe. As the Dow theory says "Markets always discount all information". If interest rates do come down in near future, we are likely to see improved spending on IT by majority of the industry resulting in strong balance sheets for the IT companies.
Global markets were also in a range with some negative bias barring Japan, where the Nikkei made a 35 year high amidst global consolidation. Result season in India has kicked off in style and we expect it continue in the same vein. Indian economy looks to be in great shape and is likely to take off after gaining substantial speed over the last couple of years.
Let's see what transpired in the week gone by and try to analyze what lies in store for the coming week.
As stated in the last blog, stock specific moves were observed in the midcap segment, with many stock hitting lifetime highs or 52-week highs.
Markets are looking in a buoyant mood with the start of Q3FY24 results season. It is advisable to look for buying opportunities in the markets. There should be ample opportunity to deploy funds and make good returns in near term.
Happy Investing!!!
"Money is the most egalitarian force in society. It confers power on whoever holds it"~ Roger Starr
P.S.: This communication is for educational purpose only and does not recommend buying or selling any stock or index. Trade at your own risk.
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