Markets confirmed a major reversal on Wednesday after S&P Dollex 30 posted a closing well above crucial resistance of 5555 after initial hiccups.
The breakout from ‘falling wedge’ which is a bullish setup has led to massive short covering by FIIs in the derivative segment with FII adding Rs 3000+ crore in the future segment.
The Bank Nifty outperformed Nifty with a wide margin and may gain further momentum to test 38000 in the coming days while Brent crude prices have slipped below USD 100 providing a booster dose for Indian equity markets.
In the immediate term, Dollex 30 i.e. Sensex in USD terms is likely to rise by 23% in 10-14 trading sessions and FII would be a key contributor to forcing markets higher.
Meanwhile, in a move to boost foreign inflows, and stem the Rupee fall, RBI has raised overseas borrowing limits for companies and liberalized norms for foreign investments in government bonds.
S&P Dollex 30 (Sensex in USD terms)
Stocks to watch
Positive Read Through
- Titan- Jewelry revenue nearly tripled, watches, and wearable shows strong growth
- RIL- Long-term franchise agreement to retail GAAP across all channels.
- Sobha- Highest ever quarterly sales volume of 1.36msf, up 51% YoY.
- Pheonix Mills- Retail collections up 10% QoQ, Strong retail sales momentum.
- TVS Motors- Launches TVS Ronin, industries first modern retro motorbike
- Nykaa- Expands into men’s innerwear & athleisure category with GLOOT
- Equitas – Deposit up 19.2% advances rise 21.6% YoY
- Gujarat Alkalies- Pact with NTPC renewables for renewables projects Deep In Hero MotoCorp
- HMCL sold 1.39 million units in Q1FY23 and has reported robust double-digit growth of 35.7% over Q1FY22, when the company had sold 1.03 million units.
- Ethos – Co has signed an exclusive distribution agreement with the globally-renowned watch and jewellery brand Jacob & Co.
- PVR To open 4-screen multiplex at Odeon Mall, Ghatkopar, Mumbai
- City Union Bank Plans to raise up to 5b rupees via QIP
Negative Read Through
- Ruchi Soya/ Adani Wilmar- Edible oil companies may cut prices by Rs. 8/10 per liter.
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