Quote on Morning market 06 October 2021 By Dr. V K Vijayakumar, Geojit Financial
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Below is quote on Morning market 06 October 2021 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"Dalal street's one-way movement has been bewildering for seasoned investors. Nifty's rise from below 7600 in March 2020 to close to 18000 now, without any serious correction of even 5 percent is without parallels in India's market history. While seasoned investors have been sceptical about this rally, particularly in recent months, the newbie retail investors continue to be exuberant. At least for the present, valuation concerns have taken a back seat. Every positive news is being projected and negative news ignored. We don't know how long this exuberance lasts.
Moody's upgrading India's rating outlook to stable has come as a shot in the arm for bulls.
The major headwind for the economy and markets is likely to come from imminent inflation. With sustained rise in petrol and diesel prices, cost-push inflation will soon become a macro headwind. The MPC will be forced to withdraw from its accommodative stance. But how far this is going to impact the bullish sentiments remains to be seen. The newbie retail investors have become a powerful market force now. But exuberance alone cannot drive markets for long."
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