US CPI inflation data came @ 8.3% Vs expectation of 8.1%. Core CPI came @ 6.3% Vs expectation of 6.1%.
Wall Street – worst day since June 2020. DOW30 was down 3.94% and Nasdaq down by 5.16%. Tech stocks lead the fall as tight monitory policy fear rises.
Dollar Index back @ 109.60, back to recent highs, Fed rate monitor tool now indicate 37% probability of 100-bps rate hike on 21-Sep-22.
VIX @ 17.47: Likely to open higher around 20 level mark. We will be closely watching VIX movement ahead of US Fed meeting.
Approach on Indices: SGX Nifty indicate gap-down opening above 300 points. Nifty @ 17775 & Banknifty @ 40086 could provide good support, we will prefer to wait to go long.
Market View: We would focus on domestic economy, defense stocks, Mid-cap & Small-cap with a stocks specific view with a medium-term view. Any cut of 7% – 10% could be looked for adding to portfolio over next 1 – 2 days.
SGX Nifty @ 17775 down 317 points at 8:10 AM