In the last two days FPIs have sold stocks worth Rs 2081 crores indicating buying exhaustion Says Dr. V K Vijayakumar, Geojit Financial Services
Quote On Morning Market 25 July 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
FPI flows have slowed down. In the last two days FPIs have sold stocks worth Rs 2081 crores indicating buying exhaustion. This is normal response to the rising dollar index which has moved up to 101.4 from the recent low of 99. Even though Nifty is showing signs of resilience, it is unlikely to race to 20000 level in the next few days, given the rising dollar and declining FPI inflows. Brent crude spiking to $82 will be another drag on the market.
Globally markets will be keenly watching the Fed commentary since a 25 bp hike in rate is already known and discounted by the market.
Q1 results due today- Tata Motors, Bajaj Auto - and expected tomorrow- Axis Bank, Cipla, Dr Reddy’s, Bajaj Finance, Tech Mahindra - will influence stock prices and market sentiments.
Market is likely to consolidate within a band for now and wait for triggers to move, either up or down.
Above views are of the author and not of the website kindly read disclaimer
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