Latest news with #AtulBhole
Economic Times
04-07-2025
- Business
- Economic Times
Stock market hit by $11 billion exodus in 1 month. Why company insiders are cashing out now
India's booming stock market has seen a significant $11 billion selloff by insiders and promoters in a single month, raising questions about market peaks and maturity. This exodus includes notable exits from major companies, balanced by increased investment from domestic institutions and retail investors. Experts suggest varied motivations behind the sales, from profit-taking to strategic rebalancing. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's soaring equity markets have triggered an exodus of insiders and promoters who have dumped a massive $11 billion worth of stocks in just one month. The unprecedented scale of selling has investors questioning whether smart money is fleeing at the peak or if India's market is mature enough to handle the selloff."Insider and promoter (majority shareholder) stake sales accelerated in May-June 2025 following the sharp rerating of the Indian market, with insiders and promoters selling Rs 95,000 crore ($11 billion) in the past one month alone," Kotak Institutional Equities said in a selling wave has swept across marquee names, with large exits witnessed in Bharti Airtel Asian Paints and IndiGo over the past two months. The scale of individual transactions tells the story of a market where big players are cashing out: Vishal Mega Mart's promoter Samayat Services sold stakes worth Rs 10,220 crore, while Bajaj Finserv saw promoter stakes worth Rs 3,504 crore and Rs 2,002 crore change hands in separate non-strategic investors have also joined the exit parade, with BAT selling its ITC stake worth $1.5 billion and RIL offloading its Asian Paints holdings valued at $1.1 numbers reveal a fundamental shift in market dynamics. Private promoter holdings in the BSE-200 Index have declined to 37% in the March 2025 quarter from 43% in March 2021, reflecting a steady selldown in promoter stakes. Meanwhile, domestic investors have stepped up aggressively, with their combined holdings (mutual funds, banking and financial institutions, and retail) surging by 430 basis points to 25.2% from 20.9% over the same portfolio investors haven't been immune to the rebalancing act either, with their holdings dropping to 20.2% from 24.4% during the same timeframe."The increased supply can be seen as a stabilising force to absorb the flows coming into the capital markets. It is providing incremental avenues to the money managers to invest & keeping the price levels in check at aggregate level," said Atul Bhole, Executive Vice President and Fund Manager at Kotak Mutual Bhole offers a nuanced perspective on the selling frenzy: "Promoters paring their stakes is an obvious signal that they are considering their shares trading at higher than fair valuations. However it needs to be seen as an additional input in an investment evaluation. There can be errors of judgement about future potential or promoters can also have different goals like diversification or other uses like charity, buying real estate etc at a particular life stage."Mihir Vora, CIO at TRUST Mutual Fund, views the supply pressure as a natural market phenomenon. "Some supply pressure is inevitable when markets rally — and to an extent, it's healthy. It improves free float and brings price discovery in names that were tightly held. In many cases, we've seen these sales met with strong institutional demand, especially from domestic mutual funds and insurers."The key question for investors is intent. "We look at the intent behind the sale. If promoters are monetizing to invest back into the business, or if PE/VC funds are exiting after long holding periods, it's not a concern. What we avoid are situations where exits are paired with governance red flags or signs of operational stress," Vora analysis suggests multiple motivations behind the selloff: "We would note that insiders and promoters may have several reasons (business strategy, group and promoter debt) for selling stakes."What's particularly striking is how retail households, channeling investments through domestic institutional investors, have emerged as the primary buyers. "It is obvious that retail households (through DIIs) have bought at the expense of FPIs and insiders," the Kotak report India's equity markets continue their remarkable ascent, the $11 billion insider exodus serves as both a reality check and a testament to the market's maturation. Whether this represents smart money taking profits at the peak or simply a healthy rebalancing act will likely determine the market's trajectory in the coming months.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
04-07-2025
- Business
- Time of India
Stock market hit by $11 billion exodus in 1 month. Why company insiders are cashing out now
India's soaring equity markets have triggered an exodus of insiders and promoters who have dumped a massive $11 billion worth of stocks in just one month. The unprecedented scale of selling has investors questioning whether smart money is fleeing at the peak or if India's market is mature enough to handle the selloff. "Insider and promoter (majority shareholder) stake sales accelerated in May-June 2025 following the sharp rerating of the Indian market, with insiders and promoters selling Rs 95,000 crore ($11 billion) in the past one month alone," Kotak Institutional Equities said in a report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scientists: Tinnitus? When tinnitus won't go away, do this (Watch) Hearing Magazine Undo The selling wave has swept across marquee names, with large exits witnessed in Bharti Airtel , Bajaj Finserv, Hindustan Zinc , Asian Paints and IndiGo over the past two months. The scale of individual transactions tells the story of a market where big players are cashing out: Vishal Mega Mart's promoter Samayat Services sold stakes worth Rs 10,220 crore, while Bajaj Finserv saw promoter stakes worth Rs 3,504 crore and Rs 2,002 crore change hands in separate transactions. Major non-strategic investors have also joined the exit parade, with BAT selling its ITC stake worth $1.5 billion and RIL offloading its Asian Paints holdings valued at $1.1 billion. Also Read | Rs 1 lakh crore selloff tsunami threatens Nifty rally as promoters, strategic investors exit Live Events The numbers reveal a fundamental shift in market dynamics. Private promoter holdings in the BSE-200 Index have declined to 37% in the March 2025 quarter from 43% in March 2021, reflecting a steady selldown in promoter stakes. Meanwhile, domestic investors have stepped up aggressively, with their combined holdings (mutual funds, banking and financial institutions, and retail) surging by 430 basis points to 25.2% from 20.9% over the same period. Foreign portfolio investors haven't been immune to the rebalancing act either, with their holdings dropping to 20.2% from 24.4% during the same timeframe. "The increased supply can be seen as a stabilising force to absorb the flows coming into the capital markets. It is providing incremental avenues to the money managers to invest & keeping the price levels in check at aggregate level," said Atul Bhole, Executive Vice President and Fund Manager at Kotak Mutual Fund. But Bhole offers a nuanced perspective on the selling frenzy: "Promoters paring their stakes is an obvious signal that they are considering their shares trading at higher than fair valuations. However it needs to be seen as an additional input in an investment evaluation. There can be errors of judgement about future potential or promoters can also have different goals like diversification or other uses like charity, buying real estate etc at a particular life stage." Mihir Vora, CIO at TRUST Mutual Fund, views the supply pressure as a natural market phenomenon. "Some supply pressure is inevitable when markets rally — and to an extent, it's healthy. It improves free float and brings price discovery in names that were tightly held. In many cases, we've seen these sales met with strong institutional demand, especially from domestic mutual funds and insurers." Also Read | Rs 72 lakh crore stock market boom flashes valuation warning. Where's the smart money going? The key question for investors is intent. "We look at the intent behind the sale. If promoters are monetizing to invest back into the business, or if PE/VC funds are exiting after long holding periods, it's not a concern. What we avoid are situations where exits are paired with governance red flags or signs of operational stress," Vora explained. Kotak's analysis suggests multiple motivations behind the selloff: "We would note that insiders and promoters may have several reasons (business strategy, group and promoter debt) for selling stakes." What's particularly striking is how retail households, channeling investments through domestic institutional investors, have emerged as the primary buyers. "It is obvious that retail households (through DIIs) have bought at the expense of FPIs and insiders," the Kotak report noted. As India's equity markets continue their remarkable ascent, the $11 billion insider exodus serves as both a reality check and a testament to the market's maturation. Whether this represents smart money taking profits at the peak or simply a healthy rebalancing act will likely determine the market's trajectory in the coming months. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
01-07-2025
- Business
- Time of India
Why Atul Bhole is keeping IT stocks on his watchlist
Atul Bhole , Executive Vice President and Fund Manager at Kotak Mutual Fund , identifies IT stocks as a potential under-the-radar opportunity amid current market uncertainties. While the sector has underperformed year-to-date due to concerns over US economic conditions and AI disruption , Bhole sees compelling reasons to pay attention to this overlooked space. Edited excerpts from a chat on market outlook, smallcap investing and sectoral trends. The markets have rallied sharply from April lows. How sustainable do you think this uptrend is, especially in the context of rising valuations and global uncertainties? Amidst global uncertainties, the Indian economy is showing incredible resilience. The macro stability in terms of twin deficits & inflation, rates, currency has been tested multiple times in the past few years and India is coming out shining on each of those occasions. In addition to this macro stability, we are able to maintain relatively better growth rates. The government and RBI are collectively putting efforts to improve the demand conditions. No doubt, favourable flows dynamics, which essentially an outcome of improved macro, is supporting the markets. While valuations are on the higher side, improved stability and growth opportunities may keep supporting the markets. Obviously, some volatility cannot be ruled out in light of uncertainties & investors should learn to take advantage of the volatility. Many investors are again raising eyebrows on valuations in the small and midcap space. What do you think? Small & midcap (SMID) valuations are undoubtedly at premium to largecap as well as to their historical valuations. Versus largecap, while SMID valuations are expensive at aggregate level, like-to-like business valuations are similar. For e.g. largecap apparel retailer & SMID apparel retailer are similarly valued. Higher proportion of banks, utilities & commodity stocks make large-caps appear less expensive. These stocks generally trade at lower P/Es due to business characteristics. When compared to historical valuations, a couple of points to ponder over re-rating of the SMID universe. First, stable macro & growth opens up more opportunities & allows SMID companies to chase those growth opportunities with sharper focus. Secondly, over the years, SMID companies' resilience in terms of margins & balance sheet has improved with size & scale – they can absorb shocks much better than earlier. Third, corporate governance standards & capital allocation decisions also experienced good improvement with regulatory & investor involvement as well as managements' own learnings. Fourth, few of the high growth themes like hospitals, EMS, durables etc are present only in the SMID universe. We believe these factors enable SMID to trade at higher valuations vs historical range. Live Events Keeping in mind the above factors, we believe investors need to manage the risks of SMID investing through asset allocation & systematic investing through MFs . Risk management is an ideal way to approach the SMID valuation conundrum rather than avoiding the risk. What filters do you use to separate sustainable small-cap stories from those riding temporary momentum? Momentum stocks typically ride any compelling narrative valid at that point of time & largely lack business or balance sheet strength. Investors are typically dragged either by greed or FOMO in these cases. Such stocks have certain peculiar features like illusory prospects (almost story-like) about future growth, most often -lesser free float, promoters with nil or compromised track record etc. Strength of the business model & promoter/management quality has to be the starting points for evaluating any SMID opportunity. Longevity of growth, margin sustainability, robustness of balance sheet, return ratios, industry structure etc goes in the evaluation of business models. Management evaluations primarily involve looking at execution track record as well past actions relating to capital allocation etc. Studying the quality as well as diversity of the investor base proves to be an important & useful filter in separating rice from the chaff. Consumption, capex, and financials seem to be the market's favourite themes right now. Are there any sectors you believe are flying under the radar? One can keep an eye on the IT sector which has not performed particularly well YTD. Concerns over the US economy & AI-led disruption are keeping the IT stocks under check. While we can't predict broad economic trends perfectly, the scenario doesn't look like getting very precarious & US banks/corporates financial health is relatively better this time. Assuming normal business cycle returning, IT spending can come back. After every major technology adoption, Indian vendors have actually experienced more volume of work. Earning growth expectations of IT companies range are not very different vs broader market. Stocks, particularly large-caps are trading at relatively reasonably valuations & provide dividend yield support of 2-2.5%. These factors merit attention. Additionally we are also keeping watch over the chemical sector. While the sector was going through a down-cycle in the past 2-3 years, companies are continuously investing behind products, client engagements & facilities. The persistent price fall of 2 years seems to be over & prices are stabilising now. There are initial hopes for revival by companies. It may need some more patience, but provides a good opportunity to accumulate select chemical stocks. Nifty now has 3 stocks - Trent, Jio Financial and Eternal - trading above 100 TTM PE levels. Do you see this trend as a sign of the market accepting triple-digit PE stocks as part of the mainstream narrative? Nifty inclusion or exclusion is a function of the set mechanism of following free-float market cap methodology & is separate from valuations of a particular stock. From time to time, few companies emerge, which exhibit high growth potential with a large target opportunity set & their perceived ability to capture those opportunities. The market collectively tries to discount the future growth for each company & assigns a price. In few cases, such valuations can appear high compared to near term profitability as the companies try to invest disproportionately ahead of time & seed the market. Such incidents need to be evaluated on a case-by-case basis and cannot be generalised as mainstream. Pertinent to note that, even when the market is collectively accessing the growth potential, there are risks of following herd mentality which can be completely misplaced. Changes in regulatory, competitive or tech environments can support or derail such hypotheses. We've seen promoters, PEs, and VCs aggressively selling stakes recently. Do you see supply-side risk to the market? The increased supply can be seen as a stabilising force to absorb the flows coming into the capital markets. It is providing incremental avenues to the money managers to invest & keeping the price levels in check at aggregate level. The fresh money raised through QIPs/IPOs are also on the rise and actually providing growth capital to corporates. Promoters paring their stakes is an obvious signal that they are considering their shares trading at higher than fair valuations. However it needs to be seen as an additional input in an investment evaluation. There can be errors of judgement about future potential or promoters can also have different goals like diversification or other uses like charity, buying real estate etc at a particular life stage. We have many examples where stock prices go up even after promoter stake sales. Stock prices would respond to earnings growth over a long time. Money may be taken out of markets with such stake sales but at the overall economy or market level, it remains in circulation & helps overall growth. How should investors approach sector rotation, and do you see any early signs of leadership change in Indian equities? Business cycles & sector rotations are really getting shorter even since Covid. We are observing that stock prices in any particular sector factors in positive news flows or earnings uptick pretty quickly. Simultaneous information dissemination as well as herd mentality/ FOMO drives such moves. At the same time, sectors going through a down cycle or lack of triggers, at times, are ignored. Even for most astute of investors, it is very difficult to capture all such sector rotations. In chasing sector rotations, invariably investors end-up building positions towards the end of the rally & then get stuck at near-peak costs. Another important element to weigh is the tax treatment when one tries to sell from one sector & get into another. It can set back the compounding almost by a year or two. One way to approach sector rotation is contrarian thinking- buying what is going through a down-cycle & is ignored by the markets. It needs sound research backing to build conviction & considerable patience as well. Another way is building a basket of better companies across sectors with slight sector deviation & keep re-balancing their position sizing at the margin. The second approach is simpler as it takes away the timing element to a large extent. Diversified mutual funds or business cycle funds offer good solutions which can deal with this issue with research backing & tax efficiency.
News18
01-06-2025
- Business
- News18
Indian Equity Market Nears Lifetime Highs: Fundamentals Or FOMO? Market Expert Bhole Weighs In
Last Updated: Indian equity market nears lifetime highs due to strong macro indicators, foreign inflows, and political stability. Atul Bhole of Kotak Mahindra AMC discusses market fundamentals. The Indian equity market has rebounded after a prolonged sluggish period and is now approaching lifetime highs. Factors such as strong macroeconomic indicators, consistent foreign inflows, and political stability are providing positive momentum. As a result, market sentiment remains optimistic despite high valuations and subdued earnings growth. Markets are dancing near lifetime highs. How much of this is driven by fundamentals and how much by FOMO? Bhole: India's macro fundamentals are currently in a sweet spot and among the strongest globally. Tightly controlled fiscal and current account deficits, lower inflation, a stable currency, and steady GDP growth of around 6–6.5% are attracting foreign flows in a big way. While these fundamentals have been strong for some time, their resilience became even more evident during the ongoing global trade war. From the start of the year until mid-April 2025, FIIs sold close to $15 billion worth of Indian equities. However, since mid-April, the trend has reversed, with FIIs buying around $5.5 billion—largely from the secondary market rather than through IPOs, QIPs, or direct stake sales. Domestic flows have also remained reasonable, with mutual funds raising cash levels and retail participation staying measured compared to the recent past. While corporate earnings growth remains muted and valuations are stretched, strong macro fundamentals are clearly driving robust foreign and domestic flows into Indian equity markets. Bhole: Several SMID stocks witnessed value erosion of 40–60% between June–July 2024 and March–April 2025. These stocks were driven more by momentum, false narratives, illiquidity, and FOMO than by sound fundamentals or reasonable valuations. Institutional investors, such as mutual funds, which rely on research and expert insights, were able to avoid such pitfalls and limit drawdowns. Some retail investors likely learnt valuable lessons during this episode and may now start appreciating the value that mutual funds and advisors add to long-term wealth creation. However, the market often behaves like a voting machine in the short term—it keeps attracting new investors or leads the same investors to repeat new mistakes. The recent sharp rally in defence stocks after the skirmish is another example of greed or FOMO overriding rational investing behaviour. Operation Sindoor has also worked like an international defence expo showcasing the might of Indian defence companies. This is also reflected in the dramatic movement in share prices. How strong is the defence story on Dalal Street? Bhole: India's defence equipment industry has gained strong momentum over the past 3–5 years, supported by a government-led indigenisation push and larger, expedited orders. The ecosystem is developing well, with private sector players emerging as credible component manufacturers. Defence stocks performed extremely well post-Covid until mid-2024, driven largely by policy support and effective execution. However, much of the returns were driven by valuation re-rating rather than actual earnings growth. Price-to-earnings multiples jumped from 10–20x to 50–60x. Between mid-2024 and March 2025, many of these stocks saw 40–60% drawdowns from their over-stretched levels. Post Operation Sindoor, defence stocks bounced back significantly and are once again trading at valuations that may not be justified by near-term fundamentals. While these companies could deliver sustained long-term growth, the market seems to have priced in too much, too soon. A period of cooling-off or extended consolidation in stock prices is likely. With valuations stretched in certain pockets of the market, do you think the Q4 earnings season was strong enough to justify the rally? Bhole: The Q4 earnings season has been muted yet again, with 5–10% earnings growth depending on the sector and company size (large caps vs. SMIDs). However, the market hasn't reacted negatively, as expectations were already lowered after three consecutive quarters of weak growth and cautious corporate commentary. Markets are forward-looking. While Q4 results aren't particularly strong, future earnings could improve due to tax breaks, a normal monsoon, stronger wage growth, continued capex, and a low base effect. The ongoing rally is being driven more by strong macro fundamentals and capital flows. A pause may occur until corporate earnings begin to align with expectations. As an investor today, would you back consumption, capex, or financials in FY26? Bhole: Post-Covid, all major themes and sectors have had their moments in the sun and are now trading at fair to high valuations. The triggers that powered past sectoral rallies have largely played out. As the market normalises, future returns will likely be driven by individual stock selection rather than broad sector bets. At a sub-sector level, we are constructive on areas like quick commerce, hospitals, power transmission & distribution, EMS, and large private banks and NBFCs. On a contrarian note, the IT sector—supported by stronger-than-expected US corporate health and good dividend yields—could also present interesting opportunities. Given current earnings momentum, macro tailwinds, and political stability bets, is Nifty 30,000 a realistic target by end of FY26? Bhole: At the macro level, India is in a strong position. However, this must begin to reflect in corporate profitability as well. After the recent rally, Indian markets are once again trading at 21–22x forward PE, which requires significantly higher earnings growth than the current pace. Earnings may pick up with rising disposable incomes, continued capex, and structural reforms. However, global trade dynamics and economic trends pose external risks. Major economies like China and Europe could begin attracting more capital depending on tariff negotiations and monetary/fiscal policy shifts, given their relative valuation advantage. The US fiscal situation and dollar strength will also influence capital flows and asset prices globally. Investors have been caught between two battlefronts lately—the global trade tariff war and near war-like tensions between India and Pakistan. Now that both seem to be easing, what are the key takeaways for investors from this double dose of geopolitical anxiety? Bhole: In the long run, stock prices are ultimately anchored to earnings growth. In the short run, markets often overreact to news and sentiment. Over the past five years, we've witnessed events that typically unfold over a decade—or even a century. From the Covid pandemic and wars to supply chain shocks, dramatic progress in computing and AI, and aggressive fiscal moves by the US—markets have endured and evolved through all of it. The key takeaway for investors is to adapt to new realities while staying grounded in timeless investing principles. Studying market history helps investors manage their behaviour better. Patience, systematic investing, and the ability to exploit fear and greed cycles are essential to achieving long-term investing goals. top videos View all Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. About the Author Varun Yadav Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian More Stay updated with all the latest news on the Stock Market, including market trends, Sensex and Nifty updates, top gainers and losers, and expert analysis. Get real-time insights, financial reports, and investment strategies—only on News18. tags : India Stock Market Nifty stock market Location : New Delhi, India, India First Published: June 01, 2025, 15:00 IST News business » markets Indian Equity Market Nears Lifetime Highs: Fundamentals Or FOMO? Market Expert Bhole Weighs In
Economic Times
27-05-2025
- Business
- Economic Times
Why is stock market falling today? Sensex slumps over 900 pts, Nifty slips below 24,800; 5 key reasons behind the decline
Stock Market Crash Today: Indian stock markets saw a sharp decline on Tuesday. Financial and IT stocks led the fall after a recent rally. Profit booking after a strong run-up and muted Q4 earnings growth contributed to the downturn. Rising U.S. Treasury yields and weak global cues also played a role. The RBI's dividend announcement disappointed some market expectations. Tired of too many ads? Remove Ads Why is stock market falling today? Here are key reasons Tired of too many ads? Remove Ads 1. Profit Booking After a Sharp Rally 2. Muted Q4 Earnings Growth 3. Rising U.S. Treasury yields 4. Weak Global Cues 5. RBI Dividend Disappoints Market Expectations Tired of too many ads? Remove Ads Indian equity markets traded sharply lower on Tuesday, with financial and IT stocks dragging the indices down. The pullback comes after a recent rally driven by easing U.S.-EU trade BSE Sensex tumbled 900 points to the day's low of 81,261, while the Nifty50 dropped below 24, sectors, Nifty Bank and Financial Services declined 0.7%, while Nifty IT, Auto, FMCG, and Oil & Gas dropped between 0.5% and 1%. In the broader market, Nifty Midcap slipped 0.4%, while Smallcap100 traded market capitalisation of all listed companies on BSE declined by Rs 2.56 lakh crore to Rs 442.23 lakh equities had witnessed a strong run-up over the past two weeks, with the Sensex and Nifty gaining around 4.1% following the Operation Sindoor ceasefire. The market capitalisation of BSE-listed firms surged by Rs 28.4 lakh crore during this period. The sharp uptick led to stretched valuations, prompting investors to book profits at higher the rally, Nifty50 earnings for Q4 have grown less than 6% year-on-year — a figure that falls short of market expectations. The Sensex has gained over 10,000 points since April lows, but analysts say current valuations of 21–22x forward earnings demand stronger corporate performance.'Q4 earning season is turning out to be muted yet again in absolute terms, with 5-10% earnings growth depending on sectors,' said Atul Bhole, EVP & Fund Manager, Kotak Mahindra Asset Chouhan, Head of Equity Research at Kotak Securities, noted that earnings estimates for FY26 and FY27 have been revised downward. 'With Nifty trading at ~22x/19x for FY26E/FY27E, there is a risk to our 26,000 target if EPS downgrades continue,' he yield on the U.S. 10-year Treasury has risen to 4.48%, up from 4.25% in late March. Higher yields tend to attract global capital to U.S. bonds, often at the expense of emerging markets like India. The 2-year Treasury yield has also climbed to 3.98% from 3.6% in April, adding further pressure on foreign fund flows into Indian equities mirrored the weakness seen on Wall Street. The MSCI Asia ex-Japan index fell 0.4%. Investor sentiment remained cautious after U.S. President Donald Trump extended the deadline for trade talks with the European Union to July 9, delaying planned regional markets, China's CSI300 fell 0.56%, Shanghai Composite declined 0.33%, while Hong Kong's Hang Seng and Japan's Nikkei 225 both slipped around 0.15%.The Reserve Bank of India recently announced a record Rs 2.69 lakh crore dividend payout to the central government — a 27% increase from last year. However, this fell short of some market estimates, which anticipated a figure closer to Rs 3 lakh the revised Economic Capital Framework, the RBI has raised its contingency reserve range to 6–7.5%, up from 5.5–6.5%, limiting the dividend Nagarajan, Head of Fixed Income at Tata Asset Management, said the lower-than-expected dividend may disappoint the stock market in the short term. He said, 'There could be some profit booking next week after the strong rally in the past 10 days.'
