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Quote On Morning Market 08 May 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Support from global markets and sustained FII buying can revive positive market sentiments which were impacted by heavy delivery selling of Rs 4500 crores in HDFC twins last Friday. It is important to note that the fundamentals of the HDFC twins are strong and the selling was triggered by fears of outflows after the merger due to MSCI weighting update.
Cues from the mother market US indicate that the fears from the regional banking crisis are receding. The April US jobs data, which came at a much better-than-expected 253000 jobs reflect a strong economy which may even avoid a recession.
FIIs have been continuous buyers in India during the last seven trading sessions, cumulatively buying equity worth Rs 11700 crores. Rupee appreciation is aiding FII buying.

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