Wall Street ended volatile, yet range bound session with minor gains of 0.34% to 0.64% reacting to US CPI & Core CPI inflation data.
US CPI Inflation data: Actual @ 6.5% Vs estimate @ 6.5%. Core CPI – Actual @ 5.7% Vs estimate of 5.7% – in-line with market estimate.
India’s CPI inflation data @ 5.72% at 12 months lows. IIP data for November: Actual @ 7.1% Vs estimate of 2.7%.
INFY Q3FY23: Up revenue guidance to 16% – 16.5%, maintain operating margin guidance. INFY profit rises to 9.2%, INFY ADR up 1.55%.
HCLTECH Q3FY23: beat market estimate, Revenue up 8.1%, EBIT margin 19.58% Vs 18.5% of estimate.
VIX @ 15.25: need to turn cautious if cross above 16.
Approach on Indices: holding on to critical support level, global cues positive and SGX Nifty indicate only 30 – 40 points opening. Trade setup indicate major rally today.
Market View: We expect major rally on indices today and continue to focus on Mid-Cap & Small-Cap stocks with a view on Budget. Earnings season to start in full swing from next in India and globally.
SGX Nifty @ 17958.50 up 40.50 points at 8:00 AM