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Below Quote on Market 17 October 2023 By Vinod Nair, Head of Research at Geojit Financial Services

"The market's gap-up opening today, offsetting the losses of the past three days, indicates an optimism over the ongoing Q2 earnings despite concerns about the Middle East and subdued start by the IT sector. The upward trend was broad-based with particular upside in Banking, Oil & Gas and FMCG sectors. However, some profit-taking was evident as the day concluded. FIIs continue to withdraw funds due to the rise in US bond yields. An insight about the future direction of interest rates is expected from the Fed chair's upcoming speech on October 19th. While the market will also closely monitor the developments in the Israel- Hamas conflict, with a consensus emerging that the geopolitical risk will not elevate."

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