Daily Voice | Market is likely to consolidate till Budget and UP polls, says Mohit Nigam of Hem Securities

Daily Voice | Market is likely to consolidate till Budget and UP polls, says Mohit Nigam of Hem Securities

Investors should tighten their seat belt to brace for a short-term turbulence in the form of volatility in Indian equity markets, triggered by a host of domestic and overseas factors, suggests Mohit Nigam, who is the head of PMS at Hem Securities.

The market is likely to consolidate till the Union Budget 2022 as there’s no major event in the next couple of months, other than elections in some states, the seasoned financial professional with exposure in capital markets across forex, equities, bonds and investment banking shares in an interview with Moneycontrol. Excerpts from the interview:

The September quarter earnings season is in its last lap. What is your reading on the corporate performance?

I think the overall results have been above expectations backed by opening up of the economy. The IT sector in particular announced good results with strong deal momentum and aggressive hiring, majorly led by a robust demand environment. At the same time, the sector faces supply-side challenges and rising attrition. The banking sector also gave good numbers as growth is seen in advances and asset quality also improved during this quarter with decline in gross NPA (non-performing assets). Manufacturing faced pressure on operating margins because of a