Windfall tax on Oil refiners & Oil exporters including units in SEZ, RELIANCE, ONGC and other oil refiners corrected heavily on Friday.
US 10-year bond yield is trading below 3% mark & Dollar Index near 105 – typical risk-off indicator. Wall Street was higher around 1% on all 3 major indices.
Time to focus on individual stocks, sectors and for broad base move – need to looks at data & events from US & Europe. Globally market narrative will continue to be recession fear, interest rate & Corporate earnings. Quarterly business updates by DMART & HDFC were robust.
HDFCBANK & HDFC merger: No objection from stock exchanges.
OIL & GAS: will continue to remain weak in today season as well. We believe another 5% correction from current level will be attractive.
SGX Nifty @ 15723 down 21.50 points at 8:10 AM
Categories
Daily Report 4-Jul-22
Windfall tax on Oil refiners & Oil exporters including units in SEZ, RELIANCE, ONGC and other oil refiners corrected heavily on Friday.
US 10-year bond yield is trading below 3% mark & Dollar Index near 105 – typical risk-off indicator. Wall Street was higher around 1% on all 3 major indices.
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