Markets opened with a gap up on Tuesday led by gains in auto and financials to post-closing above the key resistance of 17140 despite pressure in the global markets. The India VIX also cooled off from highs of 21.75 to close around 19 but remains elevated above critical levels of 16%. There remains a high probability of Nifty testing 16671 in the coming days before it resumes its journey towards 19867.
Unless India VIX does not settle below 16%, any rally remains unsustainable. We continue to maintain a positive stance with buy-on decline as an appropriate strategy with intermediate bottom expected closer to 16671.
Shares in Asia-Pacific fell on Wednesday morning after overnight losses saw the tech-heavy Nasdaq Composite sliding to a fresh low for 2022. US Treasury yields fall as economic slowdown fears mount
Key Results today- HDFC AMC, Trent, HUL, Bajaj Auto
Nifty 50 Eq Weight Index
Stocks To Watch
Positive Read Through:
- Wipro To Acquire SAP Consulting Firm Rising for $540M
- Zydus Lifesciences Says Zycov-D Vaccine Gets India Nod for 12 years & above.
- United Breweries 4Q Net Income +68% YoY to Rs 1.63b, Beats Est. Rs 1.24b; Revenue +1.2% YoY to Rs 36.6b
- PB Fintech Appoints Alok Bansal Vice Chairman.
- Omaxe Indian Property Firm Omaxe Gets Rs 4.4B Funding From Värde.
- Microtech 4Q Net Income +72% YoY to Rs 5.35b, Beats Est. 3.91b; Revenue +36% YoY to 34.4b.
- Adani Enterprises Raises Rs 2.4b Via Debt Private Placement.
- Ashoka Buildcon to sell stake in GVR Ashoka Chennai ORR to National Investment and Infrastructure Fund for Rs 686 Cr.
- Tata Motors bags 5450 electric bus tender worth Rs 5000 cr.
- RIL- Ta’ziz and Co sign shareholder agreement for Ruwais Chemicals project.
- UBL- Revenue up 10.7 pct, gross margin down 330 bps, volumes up 7 pct YoY.
Negative Read Through:
- Bajaj Finance- calculated NIM declines to 12.3 pct, stage II book Rs 3800 cr
- Future Retail- S&P says default on Senior secured notes a ‘certainty’
- UTI AMC- Revenue down 2.4 pct, profit slips over 57 pct QoQ
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