In November, Nifty declined over 700 points, with 33% contributed by ICICI Bank & Reliance. Worst 5 stocks contributed over 60% of Nifty’s fall and the index declined in November first time since 2017. Nifty Bank, too, fell in Nov for first time since 2016. Hindalco, ICICI Bank, BPCL, Axis Bank, Bajaj Auto & Tata Steel declined over 10% each. On the global front, US Fed chair Jerome Powell has said that it is time to retire the word transitory regarding inflation, which is spooking global markets.
Analysing this, ET NOW’s managing editor Nikunj Dalmia says, “Indian markets are still better placed that peers. We are at the top of the heap, in terms of outperformance. Many Asian indices like Hong Kong or Korea are at their 2021 lows, while India is nowhere close to that. So, a 10% correction after a 35% appreciation on the index is still handsome returns.”
“But, where do you go from here? It is now time to divide the markets into three parts – Buy, Hold & Sell. At this point, you want to perhaps buy banks, capex & industrials, as that is where surprise will come in. IT is a Hold and consumer staples are definitely a Sell,” he adds. Watch to know more!
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