Defense stocks rallied as MoD restrict emergency imports and Indian company to deliver the requirement within 1 year. HAL, BEL, BDL & PARAS were major gainers.
Wall Street rallied ahead of US CPI & Core CPI data due today. US inflation is expected to cool-off further following July 2022.
India ‘s CPI inflation data came @ 7% Vs expectation of 6.84% and previous CPI @ 6.71%.
India’s IIP data for July 2022 @ 2.4% compared to 12.7% in June.
VIX @ 17.94: trading below 20, within comfortable level.
Approach on Indices: SGX Nifty indicate opening above 18000 psychological level, we expect some profit booking in 1st half. Banknifty to take inflation data with pinch of salt and expect to remain positive.
Market View: Focus remains on Mid-cap & Small-cap stocks, focused on domestic economy. US CPI & Core CPI – last major data before US FOMC meeting on 21-Sep-22.
SGX Nifty @ 18048 up 106.50 points at 8:05 AM