Udayan Mukherjee, Managing Editor, CNBC-TV18, says today is crucial for markets as bellwethers like Reliance, Bharti, ITC, and Punj Lloyd will be declaring their numbers. "Today is another make or break session from the earnings calendar."
Yesterday, US President Barack Obama stated that banks shouldn't be allowed to own a hedge fund or use their own money to make bets with hedge funds. This led to a sell-off in global markets. Commenting on the US sell-off, Mukherjee says there have been some headwinds building up for the last couple of days. "Obama’s statements have come in as a little bit of negative surprise."
Speaking on how this would impact India, he says sometimes markets don’t need reasons to correct, they just correct by themselves. "It is one of those phases where the newsflow is not adverse, though there will be a lot made of it. Maybe a correction was overdue and the market has just started some kind of a correction. These headwinds on the margin might just have precipitated or triggered it off."
Source: Moneycontrol
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