Morning Market Quote : The dominant factor influencing markets - equity, bond, currency and many commodities Says Dr. V K Vijayakumar, Geojit Financial
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Quote on Morning market 12 July 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The dominant factor influencing markets - equity, bond, currency and many commodities - is the sustained rise in the dollar which has gained momentum during the last one month. Dollar has appreciated 5 percent since early June and 13 percent so far in 2022. If this trend sustains, it is bad news for EM equity. But now it appears that this 'flight to dollar safety' is a bit overdone and due for some correction.
In India, after TCS' Q1 results indicating margin pressure for the industry, IT index has turned weak. But valuations for the segment are now fair. The most resilient segment in the market now is Bank Nifty and the leading stock is ICICI Bank. This resilience of the banking segment is likely to continue. Autos, capital goods and some segments of FMCG also are on strong wicket."
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