Sectorally, buying was seen in FMCG, telecom, power, utilities, and energy stocks while some selling was visible in metals, auto, realty, and banking names.
“The high price of oil and the rupee weakness adds to the imported inflation. So as far as energy prices are concerned, the government has cut back on its excise taxes but that does not really help very much. What could have helped and of course now we are speaking after the event was having the monetary policy being tightened a little bit in advance.”
The stock after hitting the 52-week high last year fell nearly 50 per cent and took support above Rs 1,561 on 20th June before reversing losses. It has rallied more than 12 per cent since then.
The stock after hitting the 52-week high last year fell nearly 50 per cent and took support above Rs 1,561 on 20th June before reversing losses. It has rallied more than 12 per cent since then.
“In autos, auto ancillary is one part where there would still be opportunities because midcap stocks have still not performed to that extent that the largecap stocks have done in this 2,000 point rally from the bottom. So auto ancillary would be one space and other space is the commodity consumers which will include infrastructure, capital goods, engineering, construction.”