TCS numbers in-line with estimate. Margin below estimate while EBIT and guidance remains positive. TCS declare dividend of 75/- per share, no negative surprise is positive for stocks, no dramatic move expected.
Wall Street rallied on Monday on hope of soft landing and China ‘s re-opening, US market gave up early gains in last hour on selling in health care & energy stocks.
US Fed chair Jerome Powell speech today – key event to watch out.
VIX @ 14.65: within comfortable range of 14 – 16.
Approach on Indices: Indices are in uptrend / consolidation with Nifty @ 17775 & Banknifty @ 41597 as critical support level. Today, SGX Nifty indicate soft opening but indices indicate positive trend may continue, Nifty around 18025 & Banknifty around 42300 will provide fresh entry.
Market View: SGX Nifty indicate gap-down opening around 40 – 60 points on cautious global cues ahead of US Fed chair Jerome Powell speech. We see TCS result as positive as there is no negative surprise. We see Mid-Cap & Small-cap in accumulation zone ahead of Budget.
SGX Nifty @ 18120.50 down 52.50 points at 8:25 AM