The market is falling on its own weight due to the fragility caused by the rally in Q4 of CY23. Specific companies that do not deliver are being severely punished. Bad earnings are getting challenged and not seeing follow-through. Manufacturing numbers are expected to hold up well, and festival demand has been decent. Private banks, such as HDFC, LTI Mindtree, and Asian Paints, have been hit by poor earnings. The fear is that other private banks may also display disappointment in asset quality, liquidity, and loan growth.
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