Jackson Hole Symposium: US Fed chair speech have changed the market narrative.
1) Market factoring in 75-bps hike – probability @ 61%
2) US Fed could keep interest rate high for longer period of time, market was expecting decline in Feb 2023
3) By 2022 end: Interest rate could be near to 4% Vs earlier expectation of 3.5%.
RBI Weekly bulletin Credit growth as on 12-Aug-22 was robust at 15.3% Y-Y. Non-food credit growth best seen post COVID-19.
RELIANCE AGM today: Future Road-map towards 5G, listing of JIO & RETAIL in focus along with succession play.
Approach on Indices: We will be watching out for Nifty @ 17023 & Banknifty @ 37589 to find some support. Indices which was due for correction is finding strong reason to adjust to recent rally.
SGX Nifty @ 17295.50 down 363.50 points at 7:50 AM