20-09-2023 09:20 AM | Source: Geojit Financial Services
Morning market quote : There are too many challenges for the market in the near-term Says Dr. V K Vijayakumar, Geojit Financial Services

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

https://t.me/InvestmentGuruIndiacom

Download Telegram App before Joining the Channel

Below Quote On Morning Market 20 September 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"There are too many challenges for the market in the near-term. Brent crude at $94, the dollar index above 105, the 2-yr US bond yield at 5.09 percent and the INR at record lows against the dollar are strong headwinds. To add to these headwinds, now there is the disappointing news of the likely compression of NIMs of HDFC Bank, which might temporarily impact sentiments in Bank Nifty. The straining of relations between India and Canada is unlikely to have any lasting impact on the market.

The hectic activity in the mid-and small-caps has pushed valuations in these segments to high levels. The sharp rise in many of these stocks has been driven by hope. It remains to be seen whether this hope will translate into reality. Execution challenges may arise.
Investors may adopt a cautious strategy of staying with high quality large-caps.
In the broader market, the valuations of reasonably good PSU banks like BoB, Canara Bank and Indian Bank are even now attractive."


Above views are of the author and not of the website kindly read disclaimer