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02-09-2024 10:03 AM | Source: Geojit Financial Services
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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Below the Quote on Morning Market by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
 
 
"The market has entered a zone of steady but mild up-move caused by accumulation of quality largecaps. FIIs turning buyers last week mainly due to some large bulk deals also has improved sentiments in the market. If the market closes positive today that will be a record for the Indian stock market with the Nifty posting a record 13-day winning streak. Sentiment-wise this is positive.

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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