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Below is quote on Morning market 16 May  2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Nifty is down 9% this year and the market is weak. In a bear phase there will be relief rallies, but such rallies are unlikely to sustain, given the relentless selling by FIIs. It is rational to expect more FII selling, particularly when the market stages relief rallies. It is important to appreciate the fact that FIIs are selling not because they are bearish on India but because US bond yields are attractive and the dollar is strengthening.

Since Nifty is trading at around 18 times FY 23 earnings, valuations are not yet cheap. But there are pockets where earnings visibility is good and valuations are fair like financials, telecom, IT and construction. Long-term investors can start accumulating high quality stocks in these segments"

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