Wall Street saw sharp sell-off after disappointing guidance from WALMART and weak numbers from HOMEDEPOT. DOW30 down by 2.06% & NASDAQ down by 2.50%.
US 10-year bond yield near to 4%, as odds from rate hike in June has increased to 59%, market expecting 25-bps rate hike in March & May 2023 meeting.
US Fed meeting minutes due to be released today.
VIX @ 14.01: expect to increase towards 16 level.
Approach on Indices: SGX Nifty indicate weak opening on back of global cues. Indices on chart do indicate downward move, but we expect downside could be limited or could see surprise short covering by EOD. With final 2 days for February F&O series, we expect downside to be limited.
Market View: We would continue to believe and focus on domestic story. Recently market has failed to build on any positive momentum since Budget either due to news flow on ADANI group stocks or due to global weakness.
SGX Nifty @ 17765 down 80.50 points at 8:20 AM