Markets for the week ended lower by more than 1% on the back of a 50 bps rate hike and hawkish fed commentary with most global markets coming under pressure and FII selling around Rs 2000 cr in the spot market. For the month of December, FII so far has sold more than Rs 17000cr in the future segments in anticipation of rate hikes, and expect Nifty 50 to see a test of the inflection point as it would come closer to breakdown levels of 18100.
In the ideal case, Nifty 50 is expected to bottom out around the 18150-18250 zone with India VIX stabilizing below the 13% mark for Nifty to resume its upward journey. A rising India VIX should be seen as a warning signal that a major breakdown could be on the cards.
Nifty 50 Index, NYSE composite
Stocks to watch
Positive Read through
- KEC International bags new orders worth Rs 1,313 cr.
- Sugar- Ethanol for blending with Petrol Gst reduced from 18% to 5% in GST council meeting.
- Tata is in final talks to buy a majority stake in UTI AMC from PSU fin cos.
- Dilip Buildcon Gets Letter of Acceptance for INR16.47B Order for Hybrid Annuity Highway Project.
- Mastek Makes Strategic Investment in VolteoEdge. Phoenix Mills Buys 7.22 Acre Land in Surat.
- L&T- to sell its entire 51 pct stake in L&T IDPL to Epic Concessons.
- Tata Motors Unit in pact to supply, operate and maintain 921 electric buses in Bengaluru.
- Tech Mahindra To Sell Dynacommerce Stake to Unit for 6.6M Euro.
- Adani group will invest Rs 10,700 cr into Lucknow airport´s expansion.
- Yes Bank assigns Rs 48k cr stressed asset loan portfolio to JC Flowers ARC.
- Engineers India secures an order from Mundra Solar Technology (Adani group) for the production of 30,000 mtpa of polysilicon and 500 mtpa of monosilane.
- AIA Engineering acquires a 26% stake in Clean Max Meridus for setting up a Hybrid (solar and wind) Power Plant in Gujarat.
Negative Read through
- IT Cos- Accenture Q1 ahead of the estimate, but FY23 guidance unchanged.
- Sun Pharma Gets Warning Letter From USFDA for Halol Plant.
- GMM Pfaudler- Pfaudler Inc sells 17.32 pct, Patel Family single largest shareholder.
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