Markets succumbed to selling pressure on the back of weak global cues as US CPI soared by 9.1% from year-earlier thus raising the expectation of further rate hikes beyond 75 bps in the July fed meet. Nifty attempted to sustain above 16123 in the initial hours but USDINR crossing above 79.5 forced a fresh round of weakness in Bank nifty which fell almost 1%.
The main trigger for Indian markets may come from lower Brent crude prices sustaining below USD 100 and this may lead to sharp cooling down in WPI inflation numbers. For Bank Nifty as prices are still supporting well above 50 DMA, the short-term trend still remains positive.
The weekly bullish belt holds a line pattern on the candlestick and is generally followed by weekly solid gains in the upcoming week. Hence weekly closing for Nifty and Bank Nifty will remain very important.
S&P Dollex 30 (Sensex in USD terms)
Stocks to watch
Positive Read Through
- Infosys- To acquire European company BASE Life Sciences for 110 Euro.
- Tata Power- Arm TP Saurya gets the order to set up a 600 MW hybrid project-
- HZL and Vedanta- Hindustan zinc approves interim dividend of Rs. 21 a share.
- JSW Energy- JSW Neo Energy bags contract for 300 MW wind capacity.
- Sanofi- To consider a special interim dividend on July 26.
- Zydus Wellness- Nippon India Small Cap Fund buys 9.3 lakh shares, stakes raised to above 3 pct.
- M&M is open to investing in EV battery cell makers to secure supplies: CEO Anish Shah.
- Avenue Supermarts’ profit rises 490% to Rs 680 crore in Q1
Negative Read Through
- IT Stocks- ISG Data – Deal wins to Moderate, Deal wins guidance lowered.
- Tata Metallics- Margins at 3.5% vs 25.5%, profits slip 99% YoY.
- Jubilant Pharmova- US FDA removes 3 products from Roorkee facility.
- Telecom stocks- Adanis to buy spectrum for private network use; Group confirms auction participation
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