Markets circumspect over monsoon worries and Sept Fed policy: Mayuresh Joshi, Angel Broking

In an interview with ET Now, Mayuresh Joshi, Fund Manager, Angel Broking shares his views on markets. Excerpts:

ET Now: What explains the choppiness even though the RBI governor played on the expected lines?

Mayuresh Joshi: The markets were expecting some rate cut to come through in Tuesday’s policy meet though inherently the data points were suggesting status quo. But, the market reaction and some money being taken off the table was because of the logjam in the Parliament and there is no surety in terms of how the data points will pan out.

Monsoon worries and September Fed policy are two overhangs which are making markets circumspect. So clearly, we are still working out with the same range of 8100 to 8600 on the Nifty but again stock specific action will rule the roost rather than the index movement itself.