Morning Market Quote : Latest data on credit growth from HDFC and IndusInd bank is impressive and augurs well for banking stocks Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 04 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"A significant recent market trend is the disconnect between US and Indian markets. On many days the Indian market has closed positively after negative closing in US markets. The fundamental reason for this disconnect is the resilience of the Indian economy even in the context of a sharp slowdown in global growth expected this year. This disconnect is likely to continue since data indicates continuation of the Indian economy’s outperformance. Latest data on credit growth from HDFC and IndusInd bank is impressive and augurs well for banking stocks. The data of air travel reaching pre-Covid levels indicates robust economic activity. The decline in US 10-year bond yield to 3.75 % and Brent declining to $82 are positives for India. India’s outperformance in the economy and markets is set to continue, but concerns of US recession and high valuations will put a cap on the upside."
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