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Below is Quote On Morning Market 17 April 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The FPI trend has suddenly changed for the better in April. FPIs were buyers in all days of April so far having bought equity for Rs 7531 crores (NSDL). India has been one of the best investment destinations for FPIs among emerging markets in April so far. The correlation between FPI and the market has become very significant. FPIs were continuous buyers in the market during the last ten trading days and the market posted continuous gains during the last nine trading days. FPI buying and short covering have been driving the current rally. Global market construct has also been positive. This positive market construct is likely to change to a slightly negative construct in the near-term,  driven by correction in IT stocks. The worse-than-expected Q4 results from Infosys with only 4-7 % revenue growth for FY24 will drag down IT stocks impacting the Nifty.  Sectoral rotation from IT to performing sectors like capital goods, pharma  and financials will gather momentum.

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