Morning Market Quote : The main force behind the ongoing global rally in stocks has been the steadily climbing US market Says Dr. V K Vijayakumar, Geojit Financial Services

2024-10-16 09:00:07 am | Source: Geojit Financial Services Ltd

Morning Market Quote : The main force behind the ongoing global rally in stocks has been the steadily climbing US market Says Dr. V K Vijayakumar, Geojit Financial Services

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

"The main force behind the ongoing global rally in stocks has been the steadily climbing US market. The fact that S&P 500 made 46 new highs this year indicates the strength of this bull market led by the US. The rally has the fundamental support of a strong US economy and decent corporate earnings growth. Even though the Middle East geopolitics has been a dampener, it didn’t spike crude prices and therefore, there is no threat to inflation which remains under control allowing the Fed to cut rates. The consensus now is the soft landing scenario for the US economy and, this is the strong support to this bull market.

In India the main driver of the bull run has been the sustained domestic flows into the market which has been absorbing all the selling by FIIs. The domestic flows will continue to support the market but elevated valuations will put a cap on the upside. Nifty is likely to consolidate around 25000 levels. Q2 earnings will be weak except in IT, banking and pockets of autos."

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Morning Market Quote : The main force behind the ongoing global rally in stocks has been the steadily climbing US market Says Dr. V K Vijayakumar, Geojit Financial Services

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