Morning Market Quote : Aggressive buying at this stage will be risky even in this resilient market Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 31 May 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Improving economic fundamentals along with sustained FPI buying will help the market to slowly reach new record highs. The GDP data expected today is likely to show FY 24 growth rate to be around 7%. If it comes slightly above 7%, that can further aid the market momentum. FY 24 average CPI inflation is expected at 5.2% and if the monsoon is normal and food inflation under control, the MPC will have the elbow room to cut rates by end 2023. These are emerging positives for the market.
FPI flows are now moving more to India, South Korea and Taiwan where growth and corporate earnings prospects are bright. Sustained FPI flows can take the markets higher and into over-valued territory if new Nifty records are set. Some profit booking at new record level can be considered. Aggressive buying at this stage will be risky even in this resilient market.
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