The Wrap🌯 12 Nov 2023 | The Bull Returns
The Wrap🌯 12 Nov 2023 | The Bull Returns
Your weekly digest of everything important in Indian Stock Market
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Silent Global Macro, Pharma Leads, China Trouble Keeps Brewing, Robust Earnings Season
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It was a silent week at the macro front, no surprises (other than a brief press event by Powell which was quickly brushed off by the market). The silence of global events, helped the bulls.
Other than Media, IT and PSU Banks, no index ended the week in red. Interestingly pharma was the highest performer for the week, up 🔼3.72%. Few companies are delivering interesting results and some are even the top performers for the week (Neuland Labs 🔼38.91% in a week!).
We are in the thick of the earnings seasons and so far they have been great in specific pockets. Via this earnings season along with price action, you can gauge several themes emerging in the market, few of which may lead the next rally.
Market breadth wise, we are doing okay, with overall market close to its long term highs. Stock specific price action continues but overall index wise, I do think we are in some bit of a consolidation phase at least till the end of election cycle.
In other good news, important macro indicators like oil, yields and dollar index are in retreat with oil now hovering near $80 per barrel mark. Given the wars in Middle East, this is really interesting as typically you would expect oil to be on a rally.
Most economies, however, are struggling to grow post Covid, esp. China which maybe entering deflationary trend soon, which puts a pressure on demand for oil. China also reported the largest foreign investment outflows since the 1980s.
Its good to keep reminding ourselves how well India is holding up given this global backdrop and how resilient our economy has been.
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