Morning market quote : India has become the best performing large market in September with 4.2% gains says Dr. V K Vijayakumar, Geojit Financial Services

14-09-2023 09:25 AM | Source: Geojit Financial Services Ltd

Morning market quote : India has become the best performing large market in September with 4.2% gains says Dr. V K Vijayakumar, Geojit Financial Services

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Morning market quote from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"India has become the best performing large market in September with 4.2% gains. This move to record highs breaching the psychological 20000 mark on the Nifty has been achieved with an impressive 4.3% rise in Bank Nifty. Since financials account for 32 percent weightage in the Nifty, strength in financials, particularly the banks, can keep the Nifty resilient. More importantly, the valuations of banking stocks are even now fair. Strength in banking stocks can impart resilience to the market even though the overall market valuations are slowly rising beyond comfort levels.

Inflation data from the US present a mixed picture. While the CPI inflation data for August has come at 3.7% against expectations of 3.6%, core inflation was on expected lines coming at 4.3%. So the market thinking is that the Fed is likely to pause in September."

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Morning market quote : India has become the best performing large market in September with 4.2% gains says Dr. V K Vijayakumar, Geojit Financial Services

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