"While RBI is expected to hold rates, the global factors like the rising bond yields and higher interest rates have led to negativity in the banking space," said Andrew Holland, CEO-Avendus Capital Alternate Strategies. "The support levels for the banking index are hovering over at 42,000 levels." The Nifty Bank index closed at 43,964.
The CEO of Avendus Capital Public Markets Alternate Strategies says shares of defence companies are going up more on order wins rather than on execution. The beverage sector, both alcohol and non-alcoholic, is another sector he is bullish on.
Foreign portfolio investors (FPI) flows have turned positive on a trailing 12-month (TTM) basis for the first time since December 2021.
Thanks to robust inflows over the past three months, the TTM overseas flows into domestic equities stand at over $7.3 billion-the most since November 2021.
This has helped propel one-year Nifty returns to 12 per cent.