Morning Market Quote : The market has entered a zone of steady but mild up-move caused by accumulation of quality largecaps Says Dr. V K Vijayakumar, Geojit Financial Services
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Sectoral churns are happening faster now than earlier. IT has come back on hopes of increased tech spending in the US which the expected soft landing of the US economy is likely to facilitate. Pharma stocks are witnessing accumulation on improving business prospects. Profit booking is happening in segments like railways and defence triggered by valuation concern.
FY 25 Q1 GDP print at 6.7% indicates mild sluggishness in the economy. This will warrant rate cuts by the RBI in the next monetary policy meeting. Even though banks are struggling for deposits, rate cuts will improve the prospects for banking stocks."
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