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Quote On Morning Market 03 March 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The US based investment firm GQG partners investing Rs 15446 crores in four Adani stocks might influence the market positively. This money is mainly to be used for retiring debt, which means that the banks that had funded Adani companies will not face any stress. This is positive news for Bank Nifty. However, the market will continue to be under pressure from FII selling which yesterday was Rs 2676 crores excluding the GQG bulk buying of Adani stocks. The US 10-year yield has moved above 4 percent. FIIs can be expected to sell more since this risk-free return is quite attractive considering the muted expectations from the equity markets in the short-term. FII selling will be an opportunity for long-term investors to accumulate high quality stocks, particularly in banking.