Morning Market Quote : FIIs will continue to sell putting pressure on largecaps like banking Says Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Below the Quote on Market by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
"The strength of the US market with S&P 500 setting yet another record high and the 10-year US bond yield remaining strong around 4.65% will continue to weigh on the Indian market. FIIs will continue to sell putting pressure on largecaps like banking. The irrationality in the market characterised by fair and even low valuations for largecaps like banking and excessive valuations in the broader market will have to reverse at some point of time. But we don’t know when that will happen.
The Q3 results of IT companies and the management commentary indicating improving prospects for the sector suggest that the sector is a safe bet now."
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Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
