Market taking cues from global factors and quarterly results: Sudip Bandyopadhyay

In a chat with ET Now, Sudip Bandyopadhyay, President, Destimoney Securities Pvt. Ltd. shares his views on the market outlook. Excerpts:

ET Now: What is the sense that you are getting in right now from the market?

Sudip Bandyopadhyay: Well, today’s market reaction is predominately driven by global cues. US was soft and the Asian markets were down and so are the European markets, hence domestic market is taking cues from that and we have a little soft bias in the market.

Some of the results which have come have not encouraged the market so we are seeing some amount of selling coming. I would not panic at this stage. I would not start thinking of newer lows but I will be cautious and I will keep watching.

We have predominately the global factors and the domestic quarterly results which are driving the market and they will continue to drive the market. On the macro front, there were some positive news flows.

We got a good number on CPI front. IIP was not encouraging. People have started talking about possible interest rate cuts to cheer up the economy so there were a whole lot of positive things, even the current account deficit was very encouraging but that is not driving the market. Markets are being driven by global news flows which is linked to the liquidity and corporate results.