However, strong fundamentals including a firm GDP outlook, moderate inflation and strong purchases by foreign investors are positive for markets. The stock indices are near their all-time highs.
The fact that the US central bank's latest monetary policy stance - which finally paused the interest rate after raising it for over a year - also supported investors' sentiment over the past few sessions.
Meanwhile, Prime Minister Narendra Modi's US visit and possible defence collaboration between the two countries have brought back focus to defence stocks in India.
Defence stocks have performed quite strong, in fact, many turned multi-bagger, over the past few years due to the government's aggressive indigenous manufacturing push.
"Markets are shying away from the record high due to intermediate volatility in the banking majors. We recommend maintaining a positive tone and focusing on other key sectors like auto, FMCG, energy, and selectively in midcap & smallcap space for fresh longs," said
Further, the Indian
"Indian equities shied away from closing at all-time high levels amid profit booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors looked forward to China's rate decision and the Fed chair's testimony," said