The results of the last of the key drivers are out. Banking behemoth State Bank of India came out with a strong set of results, in line with other banking leaders like ICICI Bank, Axis Bank, Kotak Mahindra and HDFC Bank.
The market appears to have penciled in the earnings which is indicated by the strong surge in the Bank Nifty. In fact, there are signs of fatigue emerging in the banking index.
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Most stocks are facing resistance after rising sharply in September and October. Axis Bank 's stock is the stands out and SBI seems to be on a good run.
The so called display of resilience in the Indian market has largely come from banking stocks and to some extent from Bajaj twins and HDFC Ltd. It's banking and financial services which have helped India withstand the test of time.
So, what will bulls latch on to now? Till a clear trend emerges we could see some rotation, churning in an attempt to bargain hunting in laggards like Reliance Industries, IT leaders including Tata Consultancy Services and Infosys and to some extent fast moving consumer goods stocks. A lot however depends on the flow of foreign institutional investor money.
While the Nifty is short of its 52 week high by 1.5%, the next big move could be some time away. That could come after the next Fed meeting.
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