Morning Market Quote : With the US markets setting new record highs, the global stock market rally appears intact Says Dr. V K Vijayakumar, Geojit Financial Services
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The hope raised by the Chinese stimulus and the cheap valuations of Chinese stocks have the potential to sustain the ‘Sell India, Buy China’ tactical trade for some more time. This presents an opportunity for medium to long-term investors. Of the total FII AUM of $930 billion about 28% is financials which are facing the brunt of FII selling. The sustained FII selling has rendered the valuations of financials attractive in an otherwise overvalued market. More importantly, the financial segment is doing well and is in the pink of health. Q2 results of leading banking names like HDFC, Kotak and Axis indicate improving prospects."
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