Market Quote : The downside pressure in the market was mitigated as auto stocks rallied Says Vinod Nair, Geojit Financial Services
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Below is on Market Quote 03 April 2023 By Vinod Nair, Head of Research at Geojit Financial Services
Investors were of the view that the easing price pressure would provide the central bank with leeway to pause the rate hike. However, the surprise production cut by OPEC+ has fuelled concerns about inflationary pressure, which may prompt central banks to remain hawkish. The downside pressure in the market was mitigated as auto stocks rallied in response to the latest sales data, indicating a surge in demand. Additionally, India's manufacturing PMI exceeded expectations, demonstrating its swiftest growth rate in three months due to increased output and new orders.
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