US Rate Hike Fear, Earnings in Focus

Gold Silver Reports — US Rate Hike Fear, Earnings in Focus — Sentiment on Dalal Street is likely to be cautious this week as foreign portfolio investors have stepped up selling amid heightened fears of a rate hike by the US Federal Reserve in December and stretched valuat i o n s o f I n d i a n e q u i t i e s.Corporate earnings will be keenly watched, with six Nifty companies -UltraTech Cement, Reliance Industries, YES Bank, ACC, HCL Technologies and Wipro -set to report their September quarter results.

FPIs have been net sellers of Indian shares in three out of the last five trading sessions and their net long positions in the index futures have come down by 60% from the September high. In the holiday shortened week ended Friday , they sold shares worth `2,280 crores. Besides, the Fed rate hike concern, global factors such as the US elections and European banking crisis will keep the sentiment on edge, market strategists said. However, they do not expect the correction to be deep particularly because retail inflation is at a 13-month low, keeping hopes of a rate cut by the RBI going ahead alive. — Neal Bhai Reports

US Rate Hike Fear, Earnings in Focus

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