Morning Market Quote : If the growth momentum sustains capital goods Says Dr. V K Vijayakumar, Geojit Financial
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Quote on Morning market 18 August 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The Fed minutes suggest continuation of the hawkish stance and this may slightly impact sentiments in the mother market, US. But this is unlikely to impact the bullish sentiments in India since the return of the FIIs has completely altered the market mood and the bulls are calling the shots now. Dips are likely to get bought in the near-term.
From the fundamental perspective, there are no triggers to take the market much higher from the present levels since there is no valuation comfort. Nifty is now trading at around 21 times FY23 earnings. The market, it appears, is banking on continuation of good GDP and earnings growth this year and the next. If the growth momentum sustains capital goods and automobiles will attract more buying."
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