Morning view on the market from Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

The market has been range bound in recent days due to bouts of selling and buying. During the last 2 days, FIIs sold equity worth Rs 6993 crores in the cash market while DIIs bought equity worth Rs 5173 crores. The trend of FII selling is likely to continue since the 10-year US bond yield is high at 4.24%. The trend of DII buying too is likely to continue since the flows into the DIIs continue to be robust.

The global market construct continues to be favourable with the mother market US remaining resilient with S&P 500 at record highs.

Pockets of overvaluation in the broader market continue to be a worry. Banking stocks are fairly valued. RIL is strong.