Morning Market Quote : Bank Nifty is moving towards record highs Says Dr. V K Vijayakumar, Geojit Financial
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Quote on Morning market 09 Septembar 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"In the last public appearance before the September 20-21 Fed meeting, the Fed chief Jerome Powell yesterday reiterated his resolve to fight inflation "until the job is done." So a 75 bp rate hike on September 21st will not surprise the market. The market now believes that the sharp rate hikes will not cause a deep recession. That's why the global cues have turned slightly positive.
In India, the market momentum is so strong that the benchmark indices are moving towards previous record highs. Even though valuations are getting expensive investors should remain invested in this strong market. Strong FII buying and short covering can surprise the market on the upside. Domestic economy-facing stocks continue to be the favourites. Bank Nifty is moving towards record highs."
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