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Quote on Morning Market 30 November 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"An important feature of the ongoing rally which has taken the Sensex and Nifty to record highs is that this is a mature rally led by high quality stocks in performing sectors. There is no celebration in the market because this rally has largely bypassed the broad market. While the Nifty is up 7.2 % YTD, the Nifty Small cap Index is down by around 12% YTD. So, the vast majority of retail investors whose portfolios are predominantly small cap oriented, have not benefited from this rally. This experience also underlines the importance of investing in quality stocks. Since the valuations are elevated from a near-term perspective, there is no scope for the rally to continue unabated. Profit booking and DII selling at higher levels can trigger corrections. The Fed chief’s observations today will be important for global markets. Markets expect indications of slowing down the rate hikes. Any comments to the contrary will be negative for markets."

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