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Dolat Capital Report
We downgrade our stand on the India equity markets to negative after the stupendous rally from the March lows – the July month ended with a gain of 7.5% for the Nifty 50, and continues for August (up 2% for month to date).
The Nifty is now less than 9% from its all-time highs, and this for one of the worst earnings / GDP readings seem surreal to us.
We expect a reality check to set in sooner than later and lead to normalisation of valuations.
While we are not calling for any specific levels or time frames at this juncture because there will be too many variables at work here at all levels - macro, sector, stock et al.
What is a more pertinent aspect that we want to call out for a correction is to let the markets digest the barrage of new aspects of businesses that will emerge – and for some of the heavy weights like financials, consumer, discretionary, manufacturing and many others.
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