Continue to expect rangebound markets: BofA ML

Jyotivardhan Jaipuria, BofA ML: We continue to expect rangebound markets with probably a possible correction in the result season over next 6 weeks. We have played a barbell strategy in our model portfolio through pharma, while also being overweight on rate sensitive sectors like autos & banks. We are wary of the expensive consumer stocks rolling over.

Prabhat Awasthi, Nomura: A deficient monsoon complicates the current market environment in two ways. First, with the upcoming general elections, an increase in agri prices and inflation will make diesel price hikes that much more politically difficult. Second, this puts the central bank in a tough spot. We now reiterate our Underweight recommendation on autos and also banks.