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"The short-term undercurrent of the market is bullish despite the high valuations. The growth momentum in the economy, the sustained buying by DIIs and retail investors, reversal of the FPI strategy from selling to buying and favourable global cues will keep the market resilient. From the global perspective, tonight’s Fed message is important in setting the global market trend. Markets will wait for the Fed chief’s message before taking a decisive turn.  

Even though India’s CPI inflation has come higher at 5.55 % in November compared to 4.87% in October, this print is lower than the market expectation of 6%. IIP growth of 11.7% in October indicates continuation of the growth momentum in the economy. Steadily declining Brent crude ( now below $74 ) is strengthening India’s macros. Leading banks, capital goods, cement, oil marketing companies and the leading airline company are on strong wicket."

 

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