Are markets showing resilience?
The market is very choppy and a sectoral rotation is visible. Post the 14-month strong run up from March to May 2021, the market is showing some kind of resistance at 16,000. Probably sectoral rotation is showing up in some kind of action in the market and 16K is proving to be too difficult to cross that easily. Two months is a long time.
There is no correlation between value and price. Participants are buying any stocks at any price and at any valuation and that is showing up in some kind of frenzy in the stocks. If we consider indices’ composition, then HDFC Bank and
DP World, UAE region signs lease agreement with Petrochem Middle East for mega chemical distribution terminal expansion worth USD80mln
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DP World UAE Region signs lease agreement with Petrochem for chemical distribution
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