Morning Market Quote : The sharp 279 point rally in the Nifty last Friday was a big relief rally for investors Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 03 April 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The sharp 279 point rally in the Nifty last Friday was a big relief rally for investors. The important question now is whether this rally can be sustained. There are more headwinds for markets at this stage. The strongest headwind is the sharp 5% spike in Brent crude caused by the unexpected output cut by OPEC +. This will make inflation management tough for the RBI and therefore a 25 bp rate hike by the MPC on April 6th is a given now. Auto sales data in March reflect improvement in domestic demand. Maruti’s numbers are very impressive. Survey among industry leaders indicates rising capex plans and hiring. This augurs well for capital goods. Markets are likely to consolidate around the present levels in the near-term and triggers for directional move are likely to be provided by the Q4 results starting from April 13th.
Above views are of the author and not of the website kindly read disclaimer
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