Morning Market Quote : The CPI inflation for November at 5.88 % is below the RBI`s upper tolerance limit Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 13 December 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The two macroeconomic data which came yesterday have significant implications for the market. The CPI inflation for November at 5.88 % is below the RBI’s upper tolerance limit. This is good news. But the bad news is that the Index of Industrial Production (IIP) shows a contraction of 4 % in October. Taken together these two macro data suggest that the MPC is likely to refrain from further rate hikes. Even though this is a market, positive weakness in manufacturing suggests that it can impact corporate earnings, going forward. Since there is no room for further PE expansion, this will put a cap on the market rally. In the very near term, however, the market will be swayed by the US inflation data due today and the Fed action tomorrow. US inflation is likely to trend down lifting market sentiments."
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