Wall Street rallied as Bank of America, JP Morgan lead banks group infuse $30 billion in First Republic. After this move, US regional banks rallied.
ECB hikes rate by 50-bps, ECB does not provide any guidance for future rate action, guided it to be incoming data driven.
ECB monitoring current market situation closely and stands ready to respond as necessary to preserve price stability and financial stability.
F&O data: Nifty PCR @ 0.88 Vs 0.67 previous. Banknifty PCR @ 0.72 Vs 0.53. FII net short by 165,534 contracts in index futures. Net long: short position remains at 11.27%:88.73%.
Approach on Indices: SGX Nifty indicate 100 points positive opening, F&O data & technical indicate – Indices are in oversold zone. Any trigger could provide major short covering rally.
SGX Nifty @ 17132.50 up 110 points at 7:55 AM