Indian market opened gap-up; recovery led by Metal stocks on news of China reopening from June onwards. Short covering rally took market Indices higher by 2% – 2.6%.
Wall Street ended higher led by gains in APPLE, TESLA & other stocks after strong retail sales data. US retail sales increase by 0.9% in April.
US Fed chairman J Powell said at Wall Street journal event to increase interest rate high to kill inflation surge. Treasury rise & crude oil was down around 2% post his comment.
Approaches on Indices: SGX Nifty indicates opening around 16225. After yesterday’s rally – market is clearly out from over-sold zone. We remain cautious with possibility of further downside
BHARTIARTL: will react to numbers – expect gap-up opening.
INFY: INFY ADR was up 3.54%. IT stocks could remain positive in an otherwise weak market.