Indian market ended yesterday with minor losses as strong jobs data on Friday dented sentiment. ADANI groups stocks witness some recovery. Mid-cap 100 & Small-cap 100 ended in green.
Wall Street ended with minor cuts as US 10-year bond yield move above 3.60% and US Fed chair Jerome Powell ‘s speech today in focus.
Quarterly result after-market hours – TATASTEEL & LICHSGFIN disappoints. HINDALCO subsidiary NOVELIS reported 95% in consolidated profit.
RBI MPC meeting outcome tomorrow at 10:00 AM. Market expecting 25-bps rate hike and commentary to be positive.
VIX @ 14.69: comfortable till it stays below 16.
Approach on Indices: SGX Nifty indicating gap-up opening of around 60 – 80 points, likely to test 41999 & 42200 while strong support remains at 41024. We expect upside to be capped as upside trigger seen to be limited.
Market View: Metal stocks could open lower on weak TATASTEEL & HINDALCO subsidiary result. IT stocks could remain under pressure, Banking stocks could attempt one more round of rally as SBIN & ICICIBANK remains top pick
SGX Nifty @ 17861.50 up 100.50 points at 7:55 AM