Why does banking continue to underperform despite consensus in its favour?

economictimes.indiatimes.com:

Jyotivardhan Jaipuria, Founder & MD, Valentis Advisors, says Whenever there is consensus on something, it is always one of the most dangerous sectors to go into. It is marked by over ownership. We like under ownership whenever there is consensus buy, this over ownership we are very sceptical about. But there are two-three things which are going for the bank sector.
The earnings are done with. The Fed trajectory we pretty much know. The war is playing out per script and state elections too is something which seems to be factored in for now. What could be the next trigger point for the market or the next key monitorable to watch out for?
Our view has been that the market is going to be range-bound. Essentially, valuations are not on the cheap side. They are probably higher than fair value and to that extent probably what we will have is earnings continue to be very good but market being range-bound, it just has valuations come back to little more fair value levels.

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Short term, I think there are a couple of things to think about. One is earnings season is over, like you said it has been good and probably we have seen some upgrades along the way but as we get into election season, people are watching for the assembly election results and what they will be, so one thing which I will highlight is we have done analysis of a lot of assembly elections over the last 10 years and the impact on the markets have been negligible. It never really changed the direction of the market.
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