Morning Market Quote: This rally in a difficult global equity environment has surprised many including the FIIs 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
"The recent 3 percent rally has taken the Nifty to just 6 percent below its 52-week high. This rally in a difficult global equity environment has surprised many, including the FIIs, who have slowed down their selling. Sustained flows into mutual funds, particularly via the SIP route, is a major factor imparting strength to the market even in the context of negative global economic news. So long as DIIs are flush with funds markets are unlikely to correct sharply. Fundamental support to the market is coming from the good Q2 numbers particularly from financials. This week is a results heavy week and most results from Nifty constituents are likely to be good. The rising US bond yields and rising dollar are hitting all other currencies hard. This will continue to be a potential headwind for equity markets till US inflation starts showing a moderating trend."
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