Morning Market Quote : The market direction will be set by the US market move today Says Dr. V K Vijayakumar, Geojit Financial
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Quote on Morning market 13 July 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The major positive development from India's economic and market perspective is the crash in Brent crude to below $ 100 for the first time since March 22. The bulls are likely to latch on to this good news. But FIIs again turning sellers will be a dampener.
The market direction will be set by the US market move today which, in turn, will be determined by the CPI inflation data for June to be released today. June CPI inflation is expected to touch 8.8 % YoY. If the actual numbers and indications are below expectations, markets will stage a rebound. Conversely, if the actuals are higher than expectations, there can be a further sell-off impacting markets globally. So, watch out for the US inflation numbers.
An important short- term trend playing out in the market is the weakness in IT and strength in banking. IT is weak on margin pressure in the industry and fears of a possible US recession fallout. Banking is strong due to the strong fundamentals of the banking segment and the impressive credit growth underway in the economy."
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