Markets witnessed major selling pressure on Wednesday with most of the key indices declining around 1% ahead of Fed minutes despite global equities turning unchanged. The Fed minutes stated that Fed officials’ intent on lowering inflation back towards their 2% target is at risk of rising unemployment and slow growth.
The FIIs suddenly dumped around Rs 7300 crores (Cash + Futures) after dull activity in the past few days as DIIs attempted to hold the markets in mid-afternoon. We expect heavy selling pressure to open in Nifty and the U.S. market in the days to come with an expectation of a hawkish stance of the U.S. Fed.
Dow Jones in JPY & MSCI India Net USD
Stocks to watch
Positive Read through
- HUL has completed the acquisition of 19.8% shareholdings of Nutritionalab, for Rs 70 crore.
- IRB Infra has received the board approval for sub-division to 10 equity shares of Re 1 each.
- HPCL has forayed into petrochemical buz with pre-marketing of the HP Durapol brand of polymers.
- Bajaj Finance records the highest ever quarterly increase in customer franchise for Dec qtr.
- Adani ports container volume rises 8% as the Co handled 25.1 mt of cargo in Dec.
- RBL Bank deposits rise 11% at Rs 81,746 cr, while advances come in at Rs 68,371 cr.
Negative Read through
- NDTV- Investor LTS Investment Fund has further offloaded a 2.38% stake in Co via the open market.
- Marico- Consol revenue in Q3FY23 grew in the low single digits on a YoY basis.
- Bharat Forge- Dec Class Truck orders are down from Sept high of 56,500 units.
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