Morning Market Quote : The biggest drag on the market in the near-term is the sustained selling by FIIs Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 11 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The biggest drag on the market in the near-term is the sustained selling by FIIs for thirteen continuous sessions, which has taken the cumulative cash market selling to Rs 16587 crores. Higher valuations in India and attractive valuations in markets like China are nudging the FIIs to sell in India and move money to cheaper markets. Even though this is a short-term challenge, this can also turn out to be an opportunity for long-term investors. Last year, too, FIIs sold heavily in early months and DIIs/ retail, who absorbed all FII selling, made big profits when the market recovered. Bank stocks are down due to FII selling, but the segment is doing well and Q3 results will be good. Market will respond to the results."
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