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Market Quote : On the back of concerns about the US recession Says Mr. Vinod Nair, Geojit Financial Services.
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Quote on Market 03 November 2022 By Vinod Nair, Head of Research at Geojit Financial Services.
"Fed’s refusal to tone down the rate hike narrative shattered the global markets as investors were in expectation of a dovish commentary. Powel cautions that the desired fed rate level is higher than expected, even though he indicated a rate hike of less than 75 bps in the upcoming meetings. On the back of concerns about the US recession, IT stocks led the domestic selloff, while FII support helped limit the losses"
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