Early on D-Street | Market looks indecisive; close below 11,800 may trigger a bigger fall
Episode 1936, Nov 25, 2019, 01:30 AM
Losses led by IT and bank heavyweights kept the Indian market down on Friday, November 22 as the risk appetite of investors remained low due to fresh worries over the US-China trade deal and reports that H-1B visas may see some changes to protect US workers and wages.
"Fresh worries over the delay in US-China trade deal, Fed minutes and stringent US H-1B visa has fuelled negativity in India and abroad. Focus will be on the next week Q2GDP data which is expected to be weak, below the 5 percent reported in Q1.
On the other hand, domestic blue-chips are founding difficulty to maintain the positivity due to super high valuation.
Nifty50 is now trading at one year forward P/E of 19 times and 26 times on 12-month trailing basis which does not provide much leeway to perform well in the short-term," said Vinod Nair, Head of Research at Geojit Financial Services.