Though most analysts expect the global central banks to keep the liquidity tap open, valuations of Indian markets, they say, are beginning to look stretched. Against this backdrop, they remain cautious, with some even expecting a minor correction from here on.
Multiple triggers such as asset sales, pickup in energy cash flows, increased traction in omni-channel retail, and rise in ARPUs could further drive the stock.
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks, Jefferies says, are most prune to "high risk" emanating from ADAG, Cox & Kings, CG Power, DHFL and Essar Shipping.
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
Among the Sensex 30 stocks, new entrant Sesa Goa soared 22 per cent to Rs 187, while TCS rose 11 per cent to Rs 2,023.
The bias for the Sensex is likely to remain bearish as long as the index sustains below 18,900-odd levels. On the downside, the index could slide to 17,300-odd levels
The BSE benchmark index is yet to give any indication on the monthly Fibonacci charts.
Since we are at the start of the month and the quarter, we shall look at the broader picture for the markets.
For this quarter, the yearly and quarterly charts indicate strong support for the Sensex.
The Sensex recorded its second-worst fall since January this year and the biggest single-day percentage fall of 11 per cent in the last 16 years. It has been an October that can be best forgotten. In the last three weeks, the Sensex has shed a third of its value.
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