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Quote On Morning Market 31 July 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Market expectation of soft landing for the US economy is driving the mother market US, and with its support, global markets. India’s strong performance is aided also by the superior performance of the Indian economy. Incoming data suggests that these fundamental supports to the markets are set to continue.

In the US, there are indications of inflation continuing on the downward trend while the economy is showing resilience. The winning streak of US markets has been continuing for the 3rd week for the Dow and 5th week for Nasdaq.
In India even though the underlying strength of the market is strong, FPI selling of Rs 5000 crores during the last two trading sessions might restrain the bulls.
Market heavy weights RIL, HDFC Bank, ICICI Bank, L & T and ITC are on strong wicket.

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