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Below Quote On Morning Market 17 August 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Global cues for markets continue to be weak. There are two negatives weighing on global stock markets now: One, the US Fed minutes indicate that one more rate hike may be needed in this rate hiking cycle to tame inflation. Two, Chinese macro data indicate that the economy is slowing more-than-feared earlier, and this will impact global economic growth. In this scenario the Indian market is unlikely to break out to newer highs on a sustained basis and decouple from the rest of the world. However, a sharp correction appears unlikely.

With the dollar index at 103.5 and the U.S. 10-year bond yield at 4.27 % FIIs are unlikely to pour more money into the Indian market as they did in June and July.

Rather than looking at index movements, investors may focus on performing sectors like capital goods, automobiles and construction. High quality banking stocks present opportunities for buy on dips."

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