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Quote on Morning Market 31 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The Budget tomorrow and the Fed decision on interest rates by evening tomorrow will have a big impact on markets. A positive, as we go into the Budget, is that instead of the usual pre-Budget rally on expectations, this time we had a market correction triggered by the Adani crisis. So, if there are no negative surprises in the Budget and the Fed commentary is not hawkish, there can be a post-Budget rally in the market. The Adani crisis which had impacted market sentiments will be pushed to the back burner if the FPO sails through via institutional investment. There has been overreaction in banking stocks with Bank Nifty correcting sharply by 6.2% in the last 3 sessions. High quality banking stocks present a good buying opportunity. Signals from the US indicate that Indian IT will do well in 2023.

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