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Quote on Morning Market 05 January 2024 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"An important feature of the ongoing rally in the market is that retail investors, not institutions, are calling the shots. This retail exuberance is getting reflected in the records being set by the Mid and Smallcap indices even at frothy valuations in these segments. The excessive valuations of the broader market cannot continue for long. Big corrections are likely in the broader market; the only question is when.
The risk to the global rally can come from the Fed which may turn out to be less dovish than the market expectation. Latest data from the US indicate an economy which is not weakening as much as the Fed would like. So watch out for the Fedspeak.
The Q3 results will impact stock prices. IT stocks have corrected anticipating poor numbers. The result to watch would be that of HDFC Bank which has the potential to move the Bank index."

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