Markets rallied across the globe on Wednesday after US Fed hints at a slower pace of rate hikes in near future after hiking 75 bps key rates yesterday. Indian markets had anticipated such a move and rallied 1% across the board with the Nifty regaining its control above 16527 which turned out to be 200 DMA.
Currently, Indian markets are on a verge of a major breakout with the expectation of Wave (3) impulse of V while BSE Bankex in Euro terms also confirms ‘Flag breakout’ which may trigger a swift rally of 15% in Banking stocks. The implication of BSE Bankex in Euro terms would imply heavy participation by FII in the next leg of the rally. Above 16761 expect major short covering to force Nifty towards 18000 in days to come.
Fed raises policy rate by 75 bps to 2.25%-2.50% range (which stands in line with expectations). Fed believes another ‘unusually large’ increase could be appropriate but will depend on data.
Nifty Daily & Bse Bankex in Euro
Stocks to watch
Positive Read through
- Maruti- Company expects gross margin expansion, strong export momentum seen
- Indusind Bank- Positive commentary on analyst day, CLSA sees 3 yrs loan growth CAGR at 16%
- BPCL- Cabinet approves 1.6 bn investment for Brazil unit
- Dixon- Healthy growth YoY, 53% growth in revenue led by mobile, EMS & home appliances.
- HAL- Signs orders worth 100 million with Honeywell for HTT-40 engine
- Exide- Acquired land Parcel in Bengaluru, to set up a lithium-ion battery unit.
- Blue Dart- Volume growth at 50% to 77.08 million shipments
- Schaeffler- Record revenues with strong business growth across all businesses
- Tech Mahindra Partners Google for the launch of Street-level imagery view in India
Negative Read through
- Tata Motors- Weak Q1 earnings but JLR margin guidance maintained
- Biocon- Earnings below estimate, margins at 18.7% Vs estimates of 23.9%
- Havells – Fire breakout in Alwar facility in Rajasthan, details awaited
- Spicejet- DGCA restricts flights to 50% of departures for 8 weeks
- JK Laxmi Cement- Revenue in line, margins lower as power and fuel costs spike
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