Quote on Morning market 27th October 2021 By Dr. V K Vijayakumar, Geojit Financial
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Below is quote on Morning market 27th October 2021 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"It is important to take note of the fact that sustained FII selling ( Rs 2639 cr yesterday) is not impacting the resilience of the market. This is in contrast to the pre-Covid market scenario where heavy FII selling always invariably led to sharp market corrections. The takeaway from this new trend is that it is the retail investors who are calling the shots now. From a fundamental perspective FII selling is rational and retail buying, particularly in the broader market, is without justification. But fundamentals can remain secondary in the short run.
A major concern now is the inevitability of higher inflation. The CPI print is lower due to the favourable base effect. The reality is that prices, particularly of industrial inputs, are rising fast. This is bound to get reflected in inflation numbers soon and RBI will have to normalise policy earlier than expected.
The flood of results today will witness the market responding to the numbers. The market is positively responding to good numbers like in ICICI bank and negatively responding to below expectation numbers as in the case of Asian Paints. Corrections in prices in high-quality stocks may turn out to be buying opportunities"
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