Indices close at month’s high on expiry with a rally on Nifty above 800 points and Banknifty above 3000 points compared to 29-Mar-23, previous F&O expiry.
Wall Street rallied as earnings boost sentiment as economic worries take a back seat. Fed fund rate monitor tool indicate 84% probability of 25-bps rate hike on 3-May-23.
WIPRO announce 12000 crore buy-back @ 445 per share, result in-line with estimate. AXISBANK result in-line with expectation with positive management commentary.
VIX @ 11.42: VIX consistently below 12 is misguiding in near term.
Approach on Indices: SGX Nifty indicate 60 – 80 points gap-up opening as May F&O series begin. Normally, we see built-up on first day of fresh series and expecting but we expect limited upside ahead of long weekend and US Fed meeting on 3-May-23.
Market View: So far earnings of IT sector are weak, banks have been able to deliver positive surprise. We will continue to focus on stocks specific strategy.
SGX Nifty @ 18066.50 up 73.50 points at 7:55 AM