13-11-2023 03:55 PM | Source: Geojit Financial Services
Market Quote : Post-Diwali, Indian equities continued consolidation amid global uncertainty Says Mr. Vinod Nair, Geojit Financial Services
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Below Quote on Market 13 November 2023 By Vinod Nair, Head of Research at Geojit Financial Services
Post-Diwali, Indian equities continued consolidation amid global uncertainty. The sharp deceleration in IIP growth, from 10.3% in August to 5.8% in September, and weakening Manufacturing PMI reflect global trends driven by rising interest rates and inflation. The Indian Rupee's weakness keeps FIIs cautious. However, the market's downside is limited by strong earnings, economic stability, and domestic institutional flows. A potential reversal is likely, as domestic October CPI inflation is expected to moderate. Notably, public sector banks are outperforming due to strong credit growth, improved asset quality, and robust balance sheets, and this trend is expected to persist.
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