Morning Market Quote: After good Q2 results from IT leading banks are posting very good Says Dr. V K Vijayakumar, Geojit Financial
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Quote on Morning market 20 October 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Samvat 2079 will go down in India’s stock market history as the year of India’s outperformance relative to developed markets and peers. The big question as we usher in Samvat 2079 is whether this outperformance will continue. Even though India’s valuations are high from the short term perspective, economic and earnings fundamentals partly justify the valuation premium. More importantly, the DII/retail support to the market is becoming strong enough to eclipse the FII selling. This explains the logic of FIIs turning buyers (Rs 1864crores yesterday) when US bond yields are moving up and the 10-year yield is at 4.23 percent.
IT and banks account for the major chunk of India Inc’s profits. After good Q2 results from IT, leading banks are posting very good Q2 numbers indicating that corporate earnings are in line with the optimistic expectations. Q2 results of Axis Bank and ITC have beaten expectations. The PSU bank index has the potential to sustain its outperformance."
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