“Structurally, our view remains bullish on the Indian equities. However, in the near term, there are signs of some exhaustion in the equity rally after the ferocious rise seen over the past few months. Sector rotation has happened and mid-caps have already massively rallied. FII inflows have also paused after hefty buying in August and September. This can be attributed to expectations of faster than expected normalisation of the Fed’s monetary policy. Recent FII outflows can also be seen as a year-end phenomenon, but the flows are expected to return next year. There is pressure on a few heavyweights like Reliance, which is dragging the benchmark index down. Having said that the correction which we have seen in Nifty and Sensex is of a lower magnitude when compared with the base levels during the past. So, the hue and cry over the ongoing correction seem to be overblown. Nevertheless, the markets are certainly taking a pause and the correction could extend by another 5%. On the broader perspective, we reiterate our bullish stance, with our positive rationale very much in place. We see Nifty during 2022 at much higher levels than 2021.”
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