Morning Market Quote : The major drag on the market now is the sustained selling by FIIs Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 06 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The major drag on the market now is the sustained selling by FIIs. FIIs sold for the 10th consecutive day yesterday taking the cumulative selling to Rs 11400 crores. The underperformers of last year like China and Europe are doing well. Clearly, FII money is chasing lower valuations by selling in overvalued markets like India. This trend might continue imparting weakness in the Indian market. This trend will open opportunities for investors. FIIs will sell stocks in which they are sitting on profits, like the banking segment. And this segment continues to be strong. Last year, too, selling by FIIs in banks turned out to be opportunities for domestic investors. Globally, the phenomenon of good economic news becoming bad news for markets might continue in the near term. The latest data from the US show increasing job creation and declining jobless claims.
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