BSE Sensex is down 296 points at 65,549 points during the Wednesday morning trade. ICICI Bank is down 1 per cent, while Tech Mahindra, M&M and Bharti Airtel were up more than 1 per cent.
With the Q1 results season coming to an end soon, the focus of the market will shift from micros to macros, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The institutional activity in the market has turned neutral since the FII selling is matched by DII buying. A clear trend in the market may come from macros, he said.
US CPI print expected soon and the MPC decision on 10th might give indication of the likely market trend. The MPC is likely to hold the rates and retain the stance but the tone is likely to be hawkish since inflation is high and expected to rise in July, he said.
Macro trends in India indicate impressive credit growth and improving capex. So, high quality stocks in banking and capital goods are likely to remain resilient. Investors can use weakness in the market to buy these stocks, he said.
(With inputs from IANS)
