Sensex Today | Stock Market View: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services 

In the near-term the market is likely to consolidate around the present levels without sharp up moves or down moves. In view of the truncated next week with only three trading days, volumes have dipped significantly in recent days. This is likely to continue. However, big intraday dips are likely to be bought since DIIs are sitting on big cash and there is value in pockets of largecaps like banking. IT is likely to remain under pressure in view of the poor guidance from Accenture. Any sharp intraday up moves may face selling from FIIs since the US bond yields continue to remain high.

Global market construct continues to be supportive with the US and Japanese markets posting new record highs. A significant takeaway from the Fed chief’s message yesterday is the upward revision in the expected US GDP growth in 2024 to 2.1% from 1.4%. This augurs well for the global economy.