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Quote On Morning Market 10 May 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Since bulls are in control of the market now, it is possible that this rally can take the market towards the Nifty all-time- high of 18887, which is only 3% away. The main driving force of this rally is the sustained FII buying for the last nine trading days with cumulative buying of Rs 15767 crores. This sudden change in FII strategy has also triggered some short covering, which has assisted the bulls.
The market will be closely watching the Karnataka exit poll results this evening. A congress victory in the elections is unlikely to impact the market much, but an unexpected setback to the BJP may slightly impact near-term sentiments. More important from the market perspective will be the CPI data from the US expected today. If the disinflation trend continues that would be a shot in the arm for equity markets globally.

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