Expo to showcase growth trajectory of pharma industry in India to be held in Greater Noida
An expo to showcase the pharmaceutical industry’s modernisation, innovation, and sustainability will be held in Greater Noida from November 26 to 28.
Markets are expected to consolidate in the near term as investors focus on Q4 earnings season.
“We expect a consolidation in the near term, leading investors to seek refuge in bonds and gold,” says Vinod Nair, Head of Research, Geojit Financial Services.
Additionally, upcoming US Fed policy and US nonfarm payroll data will dictate the global market, while the ongoing Q4 earnings reports are poised to influence the domestic market dynamics, he said.
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Relief from Middle East tensions, coupled with a correction in oil prices, and a bolstered Indian economic outlook fuelled by elevated composite PMI data from manufacturing and service sectors, propelled a market rally, Nair said.
However, the unexpected decline in US GDP and a surge in the US core PCE price index triggered a global stock market downturn on the last trading day, he added.
“The domestic market lagged its Asian peers as Q4 earnings remained largely subdued, with weak results from IT and a few index heavyweights also disappointing. The expectation of an improvement in asset quality and the RBI’s regulatory ecosystem for private banks led the PSU banks to outperform,” Nair said.
Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities, said the short-term trend of Nifty seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22300 and the weakness below this support could trigger more declines ahead. Immediate resistance is at 22625 levels.
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