Wall Street had one of the biggest single day rallies for 2022, NASDAQ rallied by 7.35% as it underperformed in recent times. US 10-year bond yield @ 3.81%, now significantly below from its recent high of 4.5% and near current Fed rate of 3.75% – 4%.
Earnings today: Life Insurance Corporation of India, Hindalco Industries, Mahindra & Mahindra, EID-Parry (India), Bharat Heavy Electricals, Hindustan Aeronautics, Zydus Lifesciences.
VIX @ 15.57: within comfortable level, could see further decline.
Approach on Indices: SGX Nifty indicate opening at fresh recent high on Nifty & Banknifty. Indices would be opening above supply zone which could trigger fresh buying / short covering. We expect this rally could last long turn 2nd half of November for bulls.
Market View: IT, Metals & Banking could be immediate beneficiary. INR will get strong could see 80 level against USD. Our focus on earnings season would be on BDL & HAL, both major defense companies will be announcing their numbers today.
SGX Nifty @ 18421.50 up 324.50 points at 7:55 AM