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Quote On Morning Market 27 July 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The US markets didn’t react to the expected rate action and message from the Fed. The message from the Fed chief’s press conference is that further rate actions will be data dependent. So the markets will be keenly watching the jobs report and CPI numbers due before the September Fed meeting. As of now there are no known negative triggers that can impact global equity markets.
Q1 FY 24 results are panning out mostly on expected lines with excellent performance from banks and weak guidance from the IT sector. Early results from FMCG companies indicate pressure on volume growth while auto results are broadly good with improving performance by Tata Motors and Bajaj Auto.
Nifty has rallied around 5% in the last one month mainly on FII buying and sustaining strong inflows into domestic mutual funds. Institutional support is likely to continue.

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