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Below Quote On Morning Market 29 September 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The ‘sell on rally’ market construct is likely to change in October. October is usually a favourable month, both for US and Indian markets. There are indications that this historical trend may play out this October too. The ‘triple whammy’ of up-trending dollar, US bond yields and Brent crude is showing signs of easing. If this trend continues it will facilitate a recovery in markets. Stability in the US market yesterday also can be a supportive factor.
Sustained FII selling may continue to weigh on markets. FII selling of Rs 25000 crores this month has pulled down the banking stocks making their valuations attractive. The Q2 results of the banking segment will be good and the market can respond positively to this. This is a safe bet now.
The US PCE inflation data expected tonight is significant since it can indicate the trajectory of US inflation and interest rates."

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