Morning Market Quote : The sell-off in US markets yesterday was triggered by a crash of 60% in SVB Financials- a bank that mainly funds start ups Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 10 March 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The sell-off in US markets yesterday was triggered by a crash of 60% in SVB Financials- a bank that mainly funds start ups. This impacted sentiments and banking stocks took a beating on concerns that rising interest rates might trigger loan repayment defaults. This is a US-specific issue and will not have an impact on Indian banking stocks. But the sentiment impact can be negative. Today’s US jobs report will be crucial in influencing the Fed’s policy response and the market direction. If the jobs data show declining jobs growth, the Fed will not be as aggressive as the market fears and equity markets will remain resilient. So investors may wait for this near-term uncertainty to pass. However, sharp corrections, particularly in banks, may be used to buy the leading names in private sector banks.
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