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EMPOWER YOUR WEALTH WITH MARKET INSIGHT & ANALYSIS DIRECLTLY FROM AMBAREESH BALIGA
21 February 2021
Sunday
Markets in correction mode
After hitting new record highs, markets turned negative during the week as traders booked profits ahead after the sharp up move. Auto, and banking stocks corrected sharply from their recent highs while oil & gas sector remained firm during the week. Global markets were mixed as investors juggled the prospects for an economic comeback and additional stimulus with continued pandemic concerns. Moreover, the disappointing U.S. jobs also spooked the confidence of the investors. Meanwhile, Janet Yellen pushed for Congress to pass USD 1.9 trillion of stimulus, saying "there's so much pain in this economy.” She also said that she is not overly worried about inflation, which has been "very low for over a decade”. However, bond yields have started moving up in US which could be a signal of end of easy money. A few RBI bond auctions failed as there was a tussle between RBI and the buyers who were pushing for higher yields.
On the portfolio action front, we book full profits in Power Grid, Arvind Fashions and Concor with decent gains.
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SEBI registered Research Analyst : INH000001139