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Quote on Morning Market 23 December 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"An interesting development in the market is that despite FII and DII buying of Rs 928 and Rs 2206 crores respectively yesterday Nifty corrected by 71 points. This is due to long unwinding in some key index stocks. The global market backdrop continues to be weak due to the strong economic data from the US. The paradox of good economic news turning out to be bad news for markets is playing out. Data from US on consumer confidence, jobless claims, and Q3 GDP numbers surprised on the upside indicating continuation of the hawkish monetary stance from the Fed. The high market volatility of the last 6 days is likely to continue. There is an element of overreaction in the market to the Covid news. Even though a ‘Santa Claus rally’ appears unlikely, investors can buy high quality stocks in telecom, banking and capital goods on dips."

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