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Market Quote : Today`s domestic rally was supported by the contra bet buying of the IT stocks which was supported by stable margins Says Mr. Vinod Nair, Geojit Financial Services
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Below Quote on Market 13 July 2023 By Vinod Nair, Head of Research at Geojit Financial Services
Today’s domestic rally was supported by the contra bet buying of the IT stocks which was supported by stable margins, new generation business opportunities and increase in pricing power due to moderation in USD, as latest US inflation is fast approaching the Fed’s target levels. The broad market was trading positively at the all-time high level in anticipation of buoyant Q1 results and low volatility (VIX). However, a mixed start to bank earnings, coupled with ongoing concerns about domestic inflation, attracted bearish sentiment towards the latter half.
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