15-12-2023 06:02 PM | Source: Geojit Financial Services Ltd
Weekly Market Outlook : The market surged to new highs, buoyed by positive indicators from both domestic and global fronts says Vinod Nair, Geojit Financial Services
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Below the Quote on weekly market outlook from Vinod Nair, Head of Research at Geojit Financial Services.
"The market surged to new highs, buoyed by positive indicators from both domestic and global fronts. Robust domestic industrial production and manufacturing PMI, coupled with the RBI's positive remarks on India's GDP forecast, contributed to the bullish trend. The ease in US bond yield and the expectation of multiple rate cuts by the FED in 2024 further fuelled market optimism. Investors expressed confidence that clouds over US economic growth would dissipate in H2CY24, anticipating a soft landing facilitated by normalization in monetary policy. The IT sector rallied 7.6% this week in expectation of a rise in demand from the US, optimism about AI-based opportunities, and hope that the Fed will cut interest rates in 2024.
We expect a near-term consolidation in the market due to elevated valuations, concerns over El Nino, and a slowdown in world GDP"
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