Wall Street was down by 1.24% to 1.81% on major indices as retail sales disappoints, came below estimate, recession fear grips the market.
US 10-year bond yield @ 3.372%, lowest level since 18-Sep-22. Crude oil decline around 3%, WTI Crude below $80 & Brent below $85 on recession fear.
FII F&O data: FII turned net buyer in Index futures 19958 yesterday, Nifty PCR @ 1.35 Vs 1.16 previous. FII net long stands at 51.11%.
VIX @ 14.37: heading towards 16 level.
Approach on Indices: SGX Nifty indicate 100 points gap-down opening, just when indices came near to upper end of the range to give clear break out, today we are starting with weak cues. Indices as on yesterday was indicating strength, we expect bounce after initial gap-down opening and first low will be crucial for recovery.
Market View: Today’s weak opening and market holding on to first hour lows will be crucial for positive momentum we have seen in last 2 days, HINDUNILVR, AUBANK, ASIANPAINTS, HINDZINC & LTTS are key earnings today. RELIANCE, ICICIBANK, KOTAKBANK & ULTRACEMCO result over the weekend, we see limited downside today.
SGX Nifty @ 18130.50 down 91.50 points at 8:00 AM