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Quote on Morning Market 02 November 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Globally markets are waiting for the Fed commentary tonight. 75 bp rate hike is given and already discounted by the markets. So it will be the Fed’s commentary and probable guidance that would be market moving. The Fed is likely to continue with its hawkish stance but any mildly dovish signal will be positive for markets. In the absence of any rate moderation signal, markets are likely to correct. So investors may wait and watch for this big event.

Q2 results are panning out on expected lines. A notable feature is the superior performance of the premium segment particularly in automobiles and the very good results of financials, particularly banking. Apart from the excellent performance of the leading private banks, many PSU banks, too, have done well. Since this PSU segment is under-owned and cheap there is some scope for further short-term rally."

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