Market Quote :The ECB raised its interest rate by 75 basis points Says Mr. Vinod Nair, Geojit Financial Services.
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Quote on Market 28 October 2022 By Vinod Nair, Head of Research at Geojit Financial Services.
Gains in index heavyweights helped the domestic market to withstand its gains despite negative trends in its global peers. US tech stocks had a significant sell-off following disappointing quarterly results and a bleak forecast. The ECB raised its interest rate by 75 basis points, also signalling that it is making progress in combating record inflation, though the plausibility for a recession grew. However, the strengthening rupee along with a softening treasury yield and decent Q2 earnings results are supporting the domestic market in the near term.
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