Morning Market Quote : There are two positives which can impart resilience to the ongoing rally in the market Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 28 November 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"There are two positives which can impart resilience to the ongoing rally in the market: One, the steady decline in crude which has taken Brent crude to below $82. Two, the steady FPI buying (Rs 31630 crores so far in November) particularly in fundamentally strong segments like financials, IT, autos and capital goods. These positives notwithstanding markets are likely to be in wait and watch mode for the Fed chief’s speech on Wednesday. Any hawkish statements from Powel will be negative since markets have factored in slower rate hikes taking the terminal rate around 5%. The high futures premium is indicative of the underlying bullishness in the market."
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