Markets attempted to rebound in the early hours, but Sensex failed to sustain above key Fibonacci levels of 57634 which forced key indices to end in unchanged territory. The continuous surge in US 10-yr yield towards 4% created pressure in precious metals as well base commodities as the USD continues to outperform most asset classes.
The delay in India’s inclusion into the key government bond index which was expected around the beginning of the month acted as a dampener for the rupee which would be now expected in early 2023. Despite the surge in USDINR, the spread of India’s 10-yr and US 10-yr yield has moved to lifetime lows which is a sign of accumulation of Indian bonds.
The key levels to watch in Sensex would be 56,596 which turns out to be 200 EMA but reversal confirmation of this entire ‘Expanded Flat correction’ would be possible on a close above 57634.
Bse Sensex & Nifty 50 Eq Wt Index.
Stocks to watch
Positive Read through
- Jubilant Foodworks acquires a 29.42% stake in Roadcast Tech Solutions, a delivery automation SaaS platform.
- HFCL receives purchase orders worth Rs 202 cr from Reliance Retail, and Reliance Projects for the supply of OFC.
- Axis Bank looks to buy a near 10% stake in Go Digit Life Insurance, to invest Rs 49.9 – Rs 69.9 cr for the stake.
- BHEL- bags order for setting up 2-660 MW thermal power project of NTPC.
- Reliance Retail launches fashion & lifestyle departmental store format Reliance Centro, which will have over 300 Indian and International brands.
- 63 moons to provide next-gen tech to Italian firm Spuma SRL, eyes pan-European markets.
- Birla Corp to invest $1 bn over eight yrs, raise capacity to 30 mn tonnes, Current capacity is about 20 mn tonnes.
- Motherson Wiring- to consider bonus issue on Sept 30.
- Gujarat Alkalies- Mfg of Hydrazine has started at Dahej complex.
Negative Read through
- Torrent Pharma acquires cosmetic derma player Curatio for Rs 2,000 cr.
- Mahindra CIE- M&M sells a 2.2% stake at Rs 285 a share.
- NHPC- under construction Subansiri lower HE project sees partial flooding.
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