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Daily Report 4-Jul-22

Windfall tax on Oil refiners & Oil exporters including units in SEZ, RELIANCE, ONGC and other oil refiners corrected heavily on Friday.

US 10-year bond yield is trading below 3% mark & Dollar Index near 105 – typical risk-off indicator. Wall Street was higher around 1% on all 3 major indices.

Windfall tax on Oil refiners & Oil exporters including units in SEZ, RELIANCE, ONGC and other oil refiners corrected heavily on Friday.

US 10-year bond yield is trading below 3% mark & Dollar Index near 105 – typical risk-off indicator.  Wall Street was higher around 1% on all 3 major indices.

Time to focus on individual stocks, sectors and for broad base move – need to looks at data & events from US & Europe.  Globally market narrative will continue to be recession fear, interest rate & Corporate earnings.  Quarterly business updates by DMART & HDFC were robust.

HDFCBANK & HDFC merger: No objection from stock exchanges.

OIL & GAS: will continue to remain weak in today season as well.  We believe another 5% correction from current level will be attractive.

SGX Nifty @ 15723 down 21.50 points at 8:10 AM

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