The market surrendered opening gains to finally end in negative terrain but the breadth of the market remained positive. Nifty Bank also closed in the green.
With Fed raising rates by 75 bps to curb 40-yr high inflation, this is expected to have a major impact on technology and commodity sectors, which may go through a deep underperformance.
So far as markets are concerned, it had already discounted sharp rate hikes hence high beta sectors were already battered down. In Nifty terms, with all signs showing a trend reversal in Dollex 30 index, we expect a major upswing on close above 15849 and a spurt in volumes.
Wall St posts relief rally after Fed hikes rates by 75 bps. Fed says that do not expect a 75 bps rate hike to be common. Treasury yields fall after the Fed raises rates as expected.
Asia-Pacific markets rallied on Thursday, tracking U.S. stocks after the Federal Reserve raised benchmark interest rates 75 basis points in a move that equates to the most aggressive hike since 1994. Oil prices fall over 2% as the Fed hikes interest rates and the dollar falls.
S&P Dollex 30 Index
Stocks to watch
Positive Read Through
- Paytm, said its loan disbursements in the two months ended May 31 increased 829% to Rs3576cr YoY
- SBI increased the minimum interest rate for a home loan to 7.55%.
- Raymond – JK Files (Raymond Group) files submit IPO paper with SEBI to raise Rs500-600cr.
- Tata Steel- Tata Steel Mining has acquired a 10% stake in equity stake in Rohit Ferro-Tech for Rs 20.06 crore.
- Route Mobile has announced the opening of RouteLab, a new R&D center in the heart of Bangalore, India’s Silicon Valley.
- Tata Power commissioned an EPC project of 66MW for Vibrant Energy.
- Lupin – Lupin Diagnostics has launched its first Regional Reference Laboratory in Patna, Bihar.
- IOC- Credit Rating agency Fitch has revised the credit rating outlook from Negative to Stable
- Yes Bank seeks shareholders’ nod to raise up to Rs10000cr in debt
- Stove Kraft to open 35-40 new exclusive retail stores in Karnataka in the next 12 – 18 months –
- Airlines in focus- Jet fuel (ATF) price is at record high with price being increased by 16% today & more than 91% in last six months
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