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Below the Quote on Morning Market by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

"Going into the Q2 results season, the market has been expecting good numbers from IT and banking. HCL Tech’s  good results confirm the optimistic expectations and the banking results, particularly from the leading private banks, also are likely to be good. Unlike IT stocks where there is only limited valuation comfort, the banking stocks offer decent valuation comfort and, therefore, have the potential to move up from the present levels.
 
The sharp cut in Brent crude by 3% is a macro positive for India, but CPI inflation for September coming worse than expected at 5.49% is a concern and the MPC will be forced to take this seriously and postpone the rate cut to 2025.
 
Even though FIIs continue to sell, the intensity of their selling has come down reducing the pressure on largecaps."

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