Morning Market Quote : High quality private sector banking stocks and capital goods stocks also are on strong wicket Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 03 February 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The most significant trend in the market so far in 2023 is the big underperformance of India compared to other markets. While S&P 500 is up 8.8% YTD Nifty is down 3.23% YTD. This is in sharp contrast to India’s outperformance in 2022. India’s relative overvaluation is the fundamental reason for this underperformance triggered mainly by the sustained selling by FIIs, which continued yesterday also. The ‘Adani stocks crisis’ also has contributed to the negative sentiments.
Investors may wait and watch for the dust to settle. The Adani crisis impact is slowly diminishing.
The ferocious rally of 3.5% in Nasdaq yesterday is an indication that the market expects a soft landing of the U.S. economy. IT stocks look strong. High quality private sector banking stocks and capital goods stocks also are on strong wicket.
Above views are of the author and not of the website kindly read disclaimer
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