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Below is quote on Morning market 07 February 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The spike in US 10-year bond yield to 1.91% reflects the increasing concerns of high inflation and the Fed being behind the curve. The January jobs report in the US at 4.67 lakh new jobs was way ahead of market expectations. Now it is beyond doubt that the Fed will have to act tough on inflation. If the Fed turns highly hawkish and delivers a 50bp rate hike in March, that can cause a sharp correction in markets.
Brent crude above $93 is emerging as a major macro headwind for India.

FII selling is impacting the market in the short term, but not in the medium. FIIs have sold equity worth Rs 114100 cr since October 2021. But the Nifty now remains where it was in early October 2021.FII selling is causing short-term gyrations but no significant impact in the medium term.
A significant trend in the market is the churn from IT to banks. Banks are likely to remain resilient and in IT there will be buying on dips since earnings visibility is high"