Daily Report 30-Sep-22

Indian market closed flat to negative bias, giving up morning gains, global cues were positive but short lived. F&O expiry pressure weighted on market.

Wall Street closed at fresh 52-week lows as fear of recession & tight monitory policy, US jobs data were strong.

India’s current account deficit widens to 2.3% of GDP, highest since 2013, but was lower than market estimate.

Government to borrow 5.92 lakh crores in H2 FY23, which is 10000 crores less than earlier estimate, positive for money market.

RBI MPC to announce its policy decision at 10:00 AM today.

VIX @ 21.30: fresh up move above 22 – 23 level, needs alarming cautious approach.

Approach on Indices: RBI MPC policy will provide fresh cues; we will prefer to wait for RBI Policy outcome to take fresh view. We believe short-covering is overdue & would prefer to play long.

SGX Nifty @ 16779 down 30 points at 8:30 AM

Click on the attachment to read the full report:

30-Sep-2022-Daily-Report.pdf