Market Awaits Us Inflation Data, Federal Reserve’s Message: Geojit Financial Services

New Delhi

According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market will be closely watching the inflation print from the US on Tuesday night and the Federal Reserve's message on Wednesday. An important trend in the market is the accumulation happening in fairly-priced segments like PSU banks and some leading private banks, he stated. The fundamental factor supporting the rally that has taken the market to record highs is a series of positive news, including Q3 GDP growth rate of 7.6%, CPI inflation falling to 4.87%, Manufacturing PMI rising to 56, Brent crude declining to $76, and FPIs turning buyers aided by correction in the US 10-year bond yield to 4.23%. Expectations of political stability after the 2024 general elections are further strengthening these positive economic developments. Since these positive developments are mostly priced in, the market is likely to wait for incoming crucial data before making further moves, Vijayakumar added. The BSE Sensex is currently trading down 32 points at 69,896 points, with L&T and Maruti down 1%.