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Below is on Market Quote 25 February 2023 By Vinod Nair, Head of Research at Geojit Financial Services

"The domestic market witnessed continuous selling during the week on the back of a weak global market and persistent FII outflows. Global bourses were cautious as the US PMI numbers came in better than expected on the heels of strong jobs data and raising fears of aggressive Fed action. The minutes of the central bank policy meeting also revealed concerns over high inflation and its commitment to bring inflation under control. In response to the heightened fears of rate hikes, the US 10-year Treasury yield moved near 4%. Additionally, the dollar index rose as the greenback cheered over hawkish Fed comments and rising geopolitical tensions. The resurgence of the cold war between the US and Russia has also brought apprehension to the market. Although it should be a short-term effect, the fear of sanctions against Russia and its degree of implication on the economy, especially food and oil exports, is adding to the anxiety. India’s Q3FY23 GDP growth, scheduled to be released next week, is anticipated to moderate from 6.3% in the preceding quarter."

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