Markets around the world are seeing a little bit of pullback. Here in India while the results have been good, stocks are pulling back.

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According to Dilip Bhat, Joint MD of Prabhudas Lilladher, the correction is global induced as well as localised to the Indian regions. “Globally, there are lot of events which are around the corner whether it is US Presidential election or the surge in virus. Also some of the problems with some of countries, they may face in the future regarding reschedulement of their debt, some of those things may start haunting internationally. ”

He further added, “Even here there has been a good run in Nifty and though the results have been good they have been good in pockets. While the sales have been bunched together in this particular quarter which has resulted in the better profitability, but the cost cut which possibly are not very sustainable also had its impact on amplifying the profits on an overall basis.”

“Taken all this together I feel that maybe we are in for some more correction for some more time, as well as Index wise there will be a good correction maybe over next 3-5 weeks is what possibly looks at the moment,” added Bhat.

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First Published:Oct 26, 2020 4:06 PM IST