Mark Matthews of Bank Julius Baer & Co on Thursday said that the idea of a less chaotic US administration is positive for the stock market, as he talked about how markets are likely to perform under Joe Biden, who took charge as the 46th President of the United States on Wednesday.

“The market cares about the economy and it was happy that Jerome Powell (Fed Chair) last week said that there will be no talk of tapering until the economy is well on its way and that is certainly not going to in this year, in his opinion," said Matthews in an interview with CNBC-TV18.

On the India front, he said, “In the context of the budget, there is a good chance they (the govt) will make the classification for non-performing assets and it would be good for banks and there will be focus on the real areas of the economy which should be good for fast-moving consumer goods (FMCG) and automotive could benefits.”

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(Edited by : Niral Sharma)