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Drop in crude oil a big relief, sharp upmove in US yields a negative: VK Vijayakumar

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, says the market has a mix of positive and negatives today. 

Positive

–Sharp decline in daily FPI selling

–IT and financial, sectors that saw sustained FPI selling, witnessing improving prospects

–IT has bounced back smartly, financials have more room to go up

–Drop in crude from $140 to $103 a big relief, will turn out to be a tailwind

Negative

–Sharp upmove in US 10-year bond yield to 2.16 percent

–If Fed turns more hawkish than expected, it can be a headwind for equity markets globally

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