01-01-1970 12:00 AM | Source: Geojit Financial Services
Morning Market Quote : There is global support to the ongoing rally in the Indian market Says Dr. V K Vijayakumar, Geojit Financial Services
News By Tags | #2730 #7512 #607 #4943 #879 #1014 #59

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Quote On Morning Market 28 April 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

There is global support to the ongoing rally in the Indian market. The mother market, US, is doing well supported by better-than-expected earnings from Big Tech companies. The latest GDP numbers from the US indicate a strong but slowing economy. Markets are now discounting a 25 bp rate hike by the Fed next week and then a pause. This will be favourable for the market in the short-term. 
Since the Nifty has moved up by 5% in the April series, some profit booking can happen in the near-term. An important sectoral trend in the market is that while large-cap IT has been performing poorly, mid-cap is doing well and some of them have given optimistic guidance for FY24. Stay invested in mid-cap IT. Long-term investors can utilise weakness in large-cap IT to accumulate these stocks. Banking stocks will remain resilient.

Above views are of the author and not of the website kindly read disclaimer