Morning Market Quote : Sustained FPI inflows and positive macroeconomic trends like FY23 GDP expected at 7.1 % Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 29 May 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The ‘in principle’ deal on US debt ceiling is a near-term relief to stock markets and, therefore, can aid continuation of the ongoing rally which can take Nifty to new record highs. Sustained FPI inflows and positive macroeconomic trends like FY23 GDP expected at 7.1 %, CPI inflation (April CPI inflation is 4.7%) coming within RBI’s comfort zone and sustained buoyancy in tax collections, can provide the fundamental support to the rally. But it is important to appreciate the fact that at higher market levels, valuations will be difficult to justify and this can attract selling pressure.
IT large-caps have been witnessing value-buying and there is some more room for upmoves in this segment. Financials and autos are on strong wicket.
Above views are of the author and not of the website kindly read disclaimer
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