Morning Market Quote : The dominant trend impacting the near-term texture of the market is the sustained selling Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 17 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The dominant trend impacting the near-term texture of the market is the sustained selling by FIIs for the eleventh time this month. There is selling even in bluechip names like HDFC Bank, that too, after impressive Q3 results. The simple logic behind sustained FII selling is that India is the only large market where FIIs are still sitting on good profits after the disastrous 2022 performance in most global markets. FIIs are playing it safe by moving money to cheaper markets where there is valuation comfort. The sustained FII selling has turned the near-term structure of the market weak. The best investment strategy in the present weak market would be to systematically buy high quality large-caps in performing sectors like banking, capital goods, telecom and construction-related segments. Soon, India’s strong fundamentals will bring cheer to the market."
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