The momentum in the market has picked up again Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 30 June 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The momentum in the market has picked up again and the undercurrent has the potential to take the benchmark indices to new highs. The global support to the bullishness is coming from the mother market US where the market is resilient supported by better-than-expected Q1 GDP growth of 2% and declining weekly jobless claims. This resilience of the US economy, which was not anticipated and discounted by the market, is the strongest pillar of support for the global markets now.
In July the market trend will be influenced by auto sales numbers in June, Q1 results, progress of the monsoon and the Fed rate decision and commentary by month end.
Market valuations are rich now, and therefore, investors should exercise some caution.
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