Morning Market Quote : The recovery in the IT segment has some more steam to go Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 14 December 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The lower-than-expected November CPI inflation in the US which came at 7.1 % YoY and only 0.1% MoM confirms the market expectation that the Fed will hike rate by only 50bp today. The consensus terminal Fed fund rate is now slightly below 5%, which is market positive. However, since recession in the US in 2023 is a high probability event, the market is unlikely to surge. In India, the bank index, and within the bank index the PSU bank segment, is the strongest segment and this can continue to remain resilient. HDFC twins exhibit strength. The recovery in the IT segment has some more steam to go. The resumption of FII buying is another positive. However, Nifty is unlikely to break out of the 18,400-18,800 range and sustain at higher levels. High valuations are likely to cap the rally."
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