Indian market rallied immediately after Budget speech was concluded as Nifty near 18000 and Banknifty tested 42000 level in spot market.
Budget continues its expansion policy with 10 lakh capex for FY24, Railway allocated 2.40 lakh cores, highest in 10-years.
ADANI group cancelled ADANIENT – FPO yesterday evening after massive fall seen yesterday after Credit Suisse statement of not accepting ADANI group bonds.
US Fed raises rates by 25-bps to 4.50% – 4.75%, in-line with market expectation. Wall Street rallied after Fed chair Jerome Powell press conference.
Fed will continue to make decision meeting by meeting based on incoming data. Full effect of rapid tightening yet to be felt.
VIX @ 16.78: need to be cautious till it remains above 16.
Approach on Indices: trend remains downward going into trade today, with weekly F&O expiry today, short covering or some buying can be expected around Nifty @ 17400 & Banknifty around 39500.
SGX Nifty @ 17578 down 122 points at 8:05 AM