Morning Market Quote : Globally equity markets are likely to remain turbulent till the Fed meeting of 27th July Says Dr. V K Vijayakumar, Geojit Financial
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Quote on Morning market 15 July 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"Globally equity markets are likely to remain turbulent till the Fed meeting of 27th July. The most likely policy action by the Fed would be a 75bp rate hike by the Fed but even a 100 bp hike cannot be ruled out after the red hot June inflation print of 9.1%.
In India inflation is slowly trending down and is likely to decline further given softening commodity prices. This is a positive for India.
The major drag on the market continues to be the FII selling which has exceeded $30 billion, so far this year. But this month, FIIs have been buyers for 2 days including yesterday. This means some of the FIIs have started buying in segments where valuations have become attractive.
An important trend in the market is the strength in FMCGs. The FMCG index is up by 8.5% this year. This segment is a good defensive play during this turbulence and a major technical advantage for the segment is that FII presence is limited and, therefore, FII selling is not happening."
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