IIFL Securities director Sanjeev Bhasin expects the Indian stock markets to continue to perform. And he also expects a new high for Nifty this month. Indian stock market benchmarks Sensex and Nifty remained mostly flat in afternoon trade, despite the Fed’s latest announcement knocking global markets today. Benchmark indices fell as much as 0.6% in early trades tracking overnight declines in other Asian markets and Wall Street, but recovered later.
Overnight, the Fed raised rates for the fourth consecutive time by 75 basis points, bringing the top of its target range to 4%, the highest level since 2008, but indicating further smaller rate hikes. Kunal Walia, chief investment officer at Listed Investments, said: “The Federal Reserve acknowledges that future rate hikes will take into account cumulative rate hikes so far, with which monetary policy will continue to support economic activity and inflation as well as economic and financial growth.” affects.” , Waterfield Consultant.
But Chairman Jerome Powell said the Federal Reserve would raise interest rates more than previously anticipated, reducing risk appetite.
“The Federal Reserve has lost credibility. They are speaking in different voices. Some members are gullible while the chairman is sly. FOMO (fear of missing out) is huge for foreign investors which is now last week There are buyers from all over. Retail flows are calling the shots. Expect Fed news to get discounts by the end of the day. New highs on the cards in November,” Mr. Bhasin said.
Analysts say buying in FIIs During the last five trading sessions Rs 12610 crore can provide support to the market at lower levels.
Neeraj Dewan, Director, Quantum Securities said, “Our market has not reacted very negatively so far as we have been getting good foreign investors in the last three-four days.
“There have been pretty strong corporate results. What the Fed does will be dependent on the data.”
The focus will now be on US jobs data on Friday, which may give some indication on future interest rate hikes.
According to VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, large-cap banks, capital goods and premium auto segments can be bought on the downside.
“India is likely to continue to outperform as key indicators such as credit growth, capex and auto sales point to a strong economic recovery,” he said.
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