New Delhi, Jan 11 (SocialNews.XYZ) There is no consistency in FII and DII behaviour so far this month and they are doing alternative bouts of buying and selling which is restricting the market in a range, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The market needs triggers to break out or breakdown from this range. A probable negative trigger can be a slightly hawkish statement from the Fed postponing the rate cuts which the market expects to begin by March 2023. The US CPI inflation data due tonight will provide cues regarding this, he said.
The Q3 results season starting today with the results of TCS and Infy will provide indications of the Nifty earnings for FY24. Financials, capital goods, telecom, automobiles and hotels will post good numbers. IT results will be tepid and FMCG will be a mixed bag, he said.
More than broad market action, market responses will be stock-specific in response to results and management commentary, he added.
Deepak Jasani, Head of Retail Research, HDFC Securities said US stocks finished higher on Wednesday, a day ahead of a widely anticipated December inflation report, though the S&P 500 fell short of an all-time high after remarks from a key Federal Reserve policymaker.
Asian stocks and US and European equity futures rose ahead of inflation data due later Thursday that will help clarify the path ahead for Federal Reserve policy, he said.
The Securities and Exchange Commission greenlighted several spot bitcoin exchange-traded funds for the first time on Wednesday, according to a filing posted on the US regulatory agency’s website, he said.
BSE Sensex is up 105 points at 71.763 points on Thursday. Indusind Bank, Axis Bnak is up 1 per cent.
Source: IANS
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