{"id":78928,"date":"2018-05-20T14:58:02","date_gmt":"2018-05-20T14:58:02","guid":{"rendered":"http:\/\/www.bnreport.com\/market-may-see-another-phase-of-correction-edelweiss\/"},"modified":"2018-05-20T14:58:02","modified_gmt":"2018-05-20T14:58:02","slug":"market-may-see-another-phase-of-correction-edelweiss","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/market-may-see-another-phase-of-correction-edelweiss\/","title":{"rendered":"Market may see another phase of correction: Edelweiss"},"content":{"rendered":"

The Indian economy<\/a> is in the beginning of an economic recovery, but there are thick headwinds for domestic equity markets<\/a> going ahead and another phase of correction is likely, says a report. <\/p>\n

According to the report by Edelweiss Investment Research, approaching elections<\/a>, elevated bond yields, emerging market currency weakness and deteriorating current account is likely to keep Indian markets under check. <\/p>\n

"Nifty<\/a> is likely to trade near the 10,000 level in the short term," the report said. <\/p>\n

It further noted that "weakness in breadth throws out cautious signal for the trend. This indicates that markets may see another phase of correction." <\/p>\n

"We expect Nifty to face another round of selling towards the March 2018 lows". <\/p>\n

In March this year, the 30-share sensitive index fell 10.16 per cent to 32,596.54 points on March 23, from a high of 36,283.25 on January 29. <\/p>\n

The report further noted that domestic liquidity is holding up the market. <\/p>\n

Domestic mutual fund<\/a> SIP flows have now reached USD 1 billion a month. This is a sizeable and supportive number and has been instrumental in keep stock volatility under check. <\/p>\n

"Domestic flows may not be able to dictate the direction of the market but would continue to keep volatile under check," the report noted. <\/p>\n

Regarding the earnings growth of Nifty companies, the report said though it was in line with projections but was largely supported by heavyweights. <\/p>\n

Among the 26 Nifty companies with reported results, Nifty has reported a PAT growth of 15 per cent. The earnings growth was largely supported by heavyweights like TCS<\/a>, Reliance, HDFC Bank<\/a> and HDFC. <\/p>\n

Excluding these companies, Nifty earnings has missed estimates by 6 per cent, the report noted. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf]
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ET Markets<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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