Morning Market Quote : The positive is that the sustained FII selling has reversed with a Rs 1458 crore Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 13 February 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
There is no clear direction in the market. There are both negative and positive signs. The rise in the dollar index to 103.7 and the hardening of bond yields are unfavourable for emerging market equity. Rising yields indicate that rates will remain higher for longer. Also, the spike in Brent crude to around $86 is a macro concern for India.
The positive is that the sustained FII selling has reversed with a Rs 1458 crore buy figure on Friday. It remains to be seen whether this trend will sustain. If it does, bulls can take the markets higher. Capital goods, IT, cement and high quality banks after the correction are on strong wicket.
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