The brokerage is concerned about patchy monsoon, election season, rising twin deficits, high crude prices, weak INR, slowing Chinese economy, trade wars, etc.  It wonders whether the market will recover at all or whether a bear market is the next phase?

Earlier this month, the Finance Ministry began the budgetary exercise for 2019-20. During the process, meetings will be held with different ministries to finalise revised expenditure for the current fiscal and projections for the next financial year.

Of late concerns over margins hover around FMCG sector owing to a surge in crude oil prices and a depreciating rupee, which pushed up the costs of raw material for the FMCG companies.