Morning Market Quote : Nifty has rallied 650 points from the March lows Says Dr. V K Vijayakumar, Geojit Financial Services
Below is Quote On Morning Market 06 April 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The hawkish pause delivered by the MPC against the market expectation of a dovish hike indicates that the central bank is prioritising growth now. If the economy achieves GDP growth of 6.5% and CPI inflation of 5.2% in FY 24 in tune with the MPC’s expectations, that would be a huge positive from the market perspective. We will have to wait for the eventual outcome, given the uncertainty in the global economic environment.
It appears that the market is bracing for a rally. The major positive is that FIIs have turned buyers having bought equity for Rs 4740 crores during the last 6 trading sessions. Nifty has rallied 650 points from the March lows and with Bank Nifty batting for the bulls, the rally can sustain, particularly since the Q4 results starting April 12 are expected to deliver good numbers for the leading banks.
IT companies are expected to deliver soft Q4 numbers. So the guidance by the leading players will be keenly watched by the market.
Overall Indian valuations have turned reasonable now. The market construct favours systematic calibrated buying.
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