Direct tax collection surges by 35% to 6.48 lakh crore, net of refunds stands at 5.29 lakh crores which is 30.17% higher.
RBI Data: Credit growth at 9-year high, at 15.5% growth Y-o-Y. Deposit growth was 9.5% Y-o-Y. Credit growth driven by retail.
Defense companies will be in focus as Ministry of Defense says no to emergency import, to rely on domestic defense companies.
VIX @ 17.72: VIX trading in comfortable range of 17 – 20.
Approach on Indices: Indicate flat opening after break out last week, we expect some consolidation before fresh round of up move is seen, clear breakout has open upside potential.
Market View: Today’s global cues are positive, SGX Nifty indicting flat opening is surprising, we would be awaiting any sign of momentum building up in Mid-Cap & Small-Cap going into next corporate earnings season.
SGX Nifty @ 17850 up 8 points at 8:05 AM