Morning Market Quote : Globally stock markets have been resilient despite the escalating tensions in the Middle East Says Dr. V K Vijayakumar, Geojit Financial Service

2024-10-07 09:19:53 am | Source: Geojit Financial Services

Morning Market Quote : Globally stock markets have been resilient despite the escalating tensions in the Middle East Says Dr. V K Vijayakumar, Geojit Financial Service

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Below the Quote on Morning Market from Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

"Globally stock markets have been resilient despite the escalating tensions in the Middle East. A big positive for equity markets is the strong US economy where the September non-farm job numbers have come surprisingly robust at 2.54 lakhs. The combination of a strong economy and declining inflation in the mother market of the US is a big positive.

The Indian market has been following a different path with the Nifty declining 4.5% in a week. This sharp correction has been mainly triggered by the massive FII selling in the cash market which reached Rs 40509 crores during the last four days. Leading largecaps like RIL, HDFC bank and ICICI bank which are major holdings in the AUM of FIIs bore the brunt of the FII onslaught. This correction is an opportunity for long-term investors since the valuations of these stocks are fair and prospects look good. DIIs flush with funds will continue to buy the beaten down quality stocks."

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