Sep 17, 2022
IT stocks saw yet another week of weakness mirroring the fall in Nasdaq. A recession in the west is not good for the IT sector. IT stocks have been under selling pressure and the recent downgrade of the sector by Goldman Sachs just adds to the misery. Infosys and Tech Mahindra were the biggest losers losing as much as 9% within the week.
Banking stocks are seeing a lot of buying on the basis of newfound optimism in credit growth and stronger balance sheets. The leader of the pack was IndusInd Bank which gained close to 8% over the week.
Crude didn’t do much last week but Gold cracked by 3%. Gold is down 5% over the month and investors are questioning if gold can still be considered a hedge against inflation. Nifty was relatively having a good week until it cracked by ~2% on Friday and ended the week with a 1.6% drawdown.
The Sensex PE ratio is at 23.2 and here’s the comparison to the long-term range
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