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The 0.6 percent decline in output in July was much worse than the median estimate for a 0.1 percent increase and follows a 1.1 rise in June, trade ministry data showed on Monday.
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According to Raychaudhuri, in the near-term there can be movement away from the defensives into the cyclicals, which has been happening and may continue for sometime.
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FIIs have overweight positions in India and Thailand, but North Asia markets remain under-owned given the earnings concerns in markets like S Korea, Manishi Raychaudhuri of BNP Paribas Securities.
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Manishi Raychaudhuri of BNP Paribas Securities says it is difficult to say anything at this point. If this question had been posed to about a month or month and half back, he would have perhaps unequivocally said yes
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Liquidity has been the key driver for many emerging markets including India in the year gone by, but foreign fund inflows are likely to see contraction given the US Fed's decision to taper its monetary stimulus programme, Manishi Ray Chuadhuri of BNP Paribas Securities said.
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Banking stocks may rally ahead of general elections in 2014, but investors should be very selective while choosing among private banks, Manishi Raychaudhuri, MD, Asian Equity Strategist, HOR, BNP Paribas Securities said.
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Manishi Raychaudhuri, managing director, Asian Equity Strategist, HOR at BNP Paribas Securities India has upgraded GMR Infrastructure to buy after remaining cautious on the entire infra space.
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Manishi Raychaudhuri, MD & Asian Equity Strategist at BNP Paribas Securities says till the next set of data points come through in first half of January; the market would continue to behave this way.
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Manishi Raychaudhuri of BNP Paribas Securities is positive on Larsen and Toubro. He advises buying the stock on correction.
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Manishi Raychaudhuri of BNP Paribas Securities has a bullish outlook on IT space.
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Manishi Raychaudhuri of BNP Paribas Securities has a cautious stance on PSU banking space.
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Manishi Raychaudhuri of BNP Paribas Securities is of the view that one may buy Larsen and Toubro on correction.
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Manishi Raychaudhuri of BNP Paribas Securities is overweight on Infosys, Tata Consultancy Services and HCL Technologies.
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BNP Paribas Securities feels that the current rally may not last long. The economy does not offer much to cheer about apart from reduced current account and trade deficit.
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Overall, Manishi Raychaudhuri expects market to remain weak in October with postponement of QE tapering offering only temporary relief. He says there a few "painful adjustments" still left in the market.
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BNP Paribas' Manishi Raychaudhuri says the Sensex will be at 17000, and not at 21300 as estimated earlier, when 2013 ends. He sees a significant downside in the Sensex or Nifty earnings for FY14.
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After being marred by twin problems of high deficits and rupee depreciation, Indian economy and its market continues to struggle. CNBC-TV18 interviewed experts from the field on their view on the market and the economy going forward.
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Tokyo's bourse imposed a record fine of about USD 2.5 million on Nomura Holdings today in the wake of an insider trading scandal at Japan's biggest brokerage.
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The next phase of the unraveling of the carry trade may lead to major decline in commodity prices and increase signs of distress among EM corporates. This could result in further underperformance of equities.
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Macro-economic headwinds, downside risks to earnings estimates, continued political uncertainty and India's valuation premium relative to Asia ex-Japan appear to indicate further underperformance by India.
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India is heading for the worst growth since the Credit Crisis. Chetan Ahya of Morgan Stanley said they were cutting GDP estimates for FY12 to 7.2% from 7.7% and for FY13 to 8% from 8.5%.
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We expect inflation to peak out in August as the complete pass through of the recent fuel price hike would be captured.
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We expect the market to give up recent gains and correct below the 18,000 level as weak results could drive more downgrades.
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The Indian markets could underperform in the near-term as uncertainties such as sticky inflation, extent of demand destruction, future government policies and global growth concerns persist.
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Earnings revision post results have been minor. We have cut FY12 EPS estimates by 0.5% and FY13 EPS estimates by 3%.
