The global stock market rally appears to be losing steam Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 26 June 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The global stock market rally appears to be losing steam. Last week S&P 500 lost its 5-week winning streak and in India last week the Mid and Small- cap indices lost their 12-week winning streak. Next two days will decide whether this trend will sustain or not.
A pillar of support for the market is the FII buying. It is important to understand that FII buying is focussed on domestic cyclicals rather than export segments. FIIs have been buyers in financials, automobiles and capital goods and sellers in external themes like IT and metals which explains the strength of the former and weakness of the latter. Investors may wait and watch for new directions in the market.
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