Morning Market Quote : Market action this week will be in response to the results declared Says Dr. V K Vijayakumar, Geojit Financial
Quote on Morning market 25 July 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"Market action this week will be in response to the results declared after market closure last Friday and in anticipation of the major results expected this week. RIL's results, though impressive on the telecom and retail front, fell slightly below expectations in the refining space. ICICI Bank's results are the best in the banking segment. The steller Q1 numbers, increasing credit growth and improving asset quality augur well for the ICICI Bank stock. Infosys's numbers reflect the industry concerns of pressure on margins but Infy's higher revenue growth guidance of 14-16 percent indicate the management's confidence regarding the business prospects.
The Fed's rate announcement on 27th July is not likely to impact the market much since a 75 bp rate hike is already known and discounted by the market. The market will be keenly watching the Fed commentary for near-term triggers.
FII selling, which has been a major drag on the market since October 2021, is unlikely to impact the market in the near-term since FIIs have turned buyers recently. As expected, financials have benefited from the recent change in FII investment strategy."
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