ECB hike rate by 75-bps, inflation target revised higher, growth forecast revised lower. ECB guides for more rate hike by quantum could be less going forward, ECB president says 75 bps hike is not normal.
US Fed chair Jerome Powell maintains its hawkish stance, continued its stance from Jackson Hole Symposium. Fed fund monitor sees 87% probability of 75-bps hike on 21-Sep-22 meeting.
FII Long: Short exposure at 23.63%: 76.37%, short position reduced from 80.48%. Further short covering could be expected.
VIX @ 18.30: within comfortable level.
Approach on Indices: Indices breakout on upside, could open further rally of 2% – 3% in near term. Today Nifty could test 18000 psychological level.
Market View: We would be closely watching IT stocks; we believe RELIANCE and IT stocks need to participate for broad base rally. Watching IT sector closely.
Mid-cap & Small-cap: we expect momentum to continue.
SGX Nifty @ 17919 up 99.50 points at 8:05 AM