Wall Street down over 1%, NASDAQ fall 1.98% as fresh concerns of First Republic Bank as stocks prices of FRC ended 50% lower. Google’s parent ALPHABET rose 4% after market hours as revenue beat.
Gujarat based companies is formulating policies for dividend, buy back, bonus & splitting fares of state PSU ‘s.
Companies announcing result today and will be in focus: SBILIFE, HDFCLIFE, BAJFINANCE, LTTS, INDUSTOWER & KPITTECH.
VIX @ 11.52: surprisingly low, continue to indicate low volatility.
Approach on Indices: After a decent run-up consolidation going into final two days of F&O expiry seems likely. Banknifty in particular looks overbought from current level. We expect volatility to increase ahead of F&O expiry and key event next week.
Market View: Corporate earnings will continue to drive market and we would prefer stock specific approach and use correction for fresh entry.
Stocks in focus: Gujarat state PSU, DALBHARAT, BAJFINANCE & LTTS. View of RELIANCE remains bullish post result.
SGX Nifty @ 17754 down 32.50 points at 8:00 AM