Indian market recovered in 2nd half ahead of critical US CPI & Core CPI data. Nifty manage to close above important support level of 16124.
US CPI inflation data came at 8.3% Y on Y, against estimate of 8.1%. Previous month CPI was at 8.5%. Core CPI came @ 6.2% – estimate 6.0%.
Higher CPI & Core CPI data renewed fear of US FOMC may follow 3 hike of 50 bps in next 3 meetings.
Risk-off trend continues, tech stocks & crypto currency sees major sell-off as move towards safe and tangible assets & assets with underlining value sees buying. We continue to maintain cautious for the month of May 2022, more shake-off expected.
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