13-10-2023 10:13 AM | Source: Geojit Financial Services Ltd
Morning market quote : There are two major macro trends that can influence the market - Says Dr. V K Vijayakumar, Geojit Financial Services
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Below Quote On Morning Market 13 October 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"There are two major macro trends that can influence the market. The global trend is slightly negative while the domestic trend is largely positive. The US retail inflation for September at 3.7% came slightly higher than expected. The implication of this higher inflation trend is that the fight to bring the US inflation to the long-term target of 2% will take more time and,therefore, rates will remain higher for longer. This will restrain a rally in equity markets.
The domestic macros have turned distinctly positive with the CPI inflation in September falling steeply to 5.02 % and the IIP for August rising impressively to 10.3%. This implies that the MPC can pause for the rest of FY 24 and go for a rate cut in Q2 of CY24.
The domestic macros have turned distinctly positive with the CPI inflation in September falling steeply to 5.02 % and the IIP for August rising impressively to 10.3%. This implies that the MPC can pause for the rest of FY 24 and go for a rate cut in Q2 of CY24.
While this is positive for the economy, the market is likely to be weighed by results of IT majors which are struggling with weak numbers on revenue guidance for FY24 and lack of clarity on growth recovery. Leading banking names have the strength to continue supporting the market."
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