Morning Market Quote : IT stocks which have bounced back after the good Q3 results Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 18 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
India’s outperformance in 2022 has been temporarily reversed in January 2023, till date, mainly due to FII outflows to other markets, mainly China. Consequently, Hang Seng and Shanghai Composite have appreciated by 9 percent and 4.4 percent respectively YTD while Nifty is down by around 0.3%. India’s current underperformance is likely to be temporary since India has the best growth and earnings prospects among large economies. However, concerns of global slowdown this year and the possibility of FIIs again turning sellers at higher levels will cap the upside to the market in the near-term. From now on Budget expectations also are likely to influence the market trend. IT stocks which have bounced back after the good Q3 results and high quality banking and capital goods stocks along with RIL have the strength to support the market.
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