Morning Market Quote : Data from the banking segment indicates continuing credit growth Says Dr. V K Vijayakumar, Geojit Financial Services
Quote on Morning Market 05 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The Fed minutes were distinctly hawkish with the message that “ restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent”. In spite of this hawkish minutes the US markets closed in the positive territory because the markets expect a soft landing for the US economy since the economy continues to be resilient. In India the near-term challenge to the market comes from the sustained selling by FIIs who sold Rs 2620 crores equity in the cash market yesterday taking their selling spree to 9 consecutive days. FIIs are net short in the derivatives segment too. Data from the banking segment indicates continuing credit growth and improving asset quality which indicates good Q3 results. Investors can utilise market weakness to buy high quality banking stocks."
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