Weekly Market Outlook: Lack of major triggers will push the domestic market to follow its global peers, in the coming week Says Mr. Vinod Nair, Geojit Financial Services
Weekly Market Outlook By Vinod Nair, Head of Research at Geojit Financial Services Ltd
"Volatility in the market this week was dictated by the release of favourable inflation numbers, which were offset by major global central bank’s aggressive decisions. US CPI inflation eased to 7.1% in November, while India’s retail inflation eased sharply to 5.88%, which was within the RBI’s tolerance band. However, the Fed startled the market by maintaining its hawkish tone, as investors were expecting a softer approach after the release of better-than-expected inflation numbers. Following the Fed, BOE and ECB raised their interest rate by 50bps while maintaining their hawkish stance in combating inflation. While the selloffs were broad-based, IT stocks dragged in the domestic market as recession fears boomed in the global economies. Lack of major triggers will push the domestic market to follow its global peers, in the coming week"
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