Morning Market Quote : FIIs turning buyers for the seventh consecutive day is another strong positive Says Dr. V K Vijayakumar, Geojit Financial
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Quote on Morning Market 07 November 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The stellar Q2 numbers from the PSU banking majors SBI and BoB reinforce the ongoing bullish story in banking. Rising credit growth, improving asset quality and margins bode well for the banking sector and this has the potential to take the Bank Nifty and Nifty to new highs, driven by the bulls, who are in command now. FIIs turning buyers for the seventh consecutive day is another strong positive. In the context of problems in China, money is likely to move away from China to strong emerging markets like Taiwan and India. Concerns of high valuations have been temporarily eclipsed by positive factors. In this pricey market there is value in PSU banking stocks. Q2 results indicate that a 12% earnings growth is achievable in FY23."
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