Udayan Mukherjee shared his views and readings on the market, specific stocks and sectors.
Talking about Axis Bank, he said, “It’s not the first time that the market reacted positively after Axis Bank numbers and then realised later that there was more kitchen sinking to be done. It reflects the current mood of the market that it is not slipping on bad news. Actually, stocks which are delivering bad news are going up after the event.”
He further said that Axis Bank specifically has more trouble ahead and numbers will continue to be poor for the next few quarters.
On market front, he said, “I would watch for volatility again in the May series because April was always going to be a comeback series but May is complicated. As you said, by the Karnataka elections, we are seeing the US 10-year bond yield flirt with 3% going higher, coming lower and that will also have an important bearing on how market may pan out.”
According to Mukherjee, for the near term, as long as Nifty is in trend of moving higher towards 10,900 points, it will be the financials and the midcaps which might lead it.