Wall Street halted its winning streak, as better than expected jobs non-farm payroll data & unemployment rate @ 3.4%, reduced the hopes of pause in near future.
SBIN result beats all estimate, profit rises by 68.5% on higher NII and lower provision. Exposure in ADANI group stocks at 0.88% of total loan book.
Government to convert AGR dues of Vodafone Idea dues into Rs 16000 crores equity. Government increase windfall tax on Crude oil production & Petrol & Diesel products.
VIX @ 14.40: within comfortable level below 16.
Approach on Indices: Indices likely to face resistance around Nifty @ 18041 & Banknifty @ 42200 this week. Looking at VIX – indicates market volatility to reduce substantially. Banknifty chart better place compared to Nifty.
Market View: RBI MPC meeting on 8-Feb-23 and reaction to SBIN result is expected to be positive in opening trade. ITC & TATAPOWER are other two result which could have positive reaction.
SGX Nifty @ 17826 down 14 points at 7:55 AM