IGI Logo

Quote On Morning Market 05 May 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The most significant trend in the market now is India’s outperformance even in the context of the challenging global environment. The mother market US has turned weak and S&P 500 has slipped for the fourth day on renewed fears of the stress in the US banking system. But the Nifty, defying weak global cues, is resilient and is only 3.5% away from the all-time high. Sustained FII buying of Rs 10900 crores during the last six trading sessions aided by appreciating rupee and India’s improving macros is the prime driver of this rally. Improving corporate earnings as reflected in the Q4 numbers also have emboldened the bulls.

A market correction is imminent. It would be a good idea to take some money off the table even while continuing with the Buy on Dips strategy.

Above views are of the author and not of the website kindly read disclaimer