31-08-2024 02:43 PM | Source: Geojit Financial Services Ltd.
Weekly Market Outlook 30th August 2024 from Vinod Nair, Head of Research at Geojit Financial Services
Below the Weekly Market Outlook 30th August 2024 from Vinod Nair, Head of Research at Geojit Financial Services
"Despite a lack of fresh triggers in the domestic economy, the market has showcased a broad-based recovery and breached a new high, driven by domestic inflows and renewed sentiment on the FED rate cut in the September meeting. Consolidation in US 10-year yield along with outperformance in the IT index by 4% this week pointed to the possibility of higher spending, which is likely to increase the prospects of an upgrade in earnings. A positive shift in FII's stance towards the domestic market will keep the overall sentiment positive. Progressing monsoon season and increasing the capacity of reservoir level brighten the prospects of rural economy and will increase discretionary spending.
On the global front, an upbeat US GDP growth and an expectation of a steady US job market may push back the possibility of a deeper rate cut cycle by the FED. The Indian Q1 GDP growth is expected to be moderate, while investors are likely to remain watchful due to premium valuation and may keep their eye on defensive and value stocks"
Above views are of the author and not of the website kindly read disclaimer
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