Markets remained cautious post the Fed hawkish stance and the Nifty ended on a negative note with the Nifty Bank underperforming. The Nifty has failed to clear its recent high of 18777 and formed a small doji star on candlestick signifying indecisiveness. For Nifty, we can expect current rally to extend towards 19194 before we see major profit booking.
Dow finished 430 points higher as investors bet that interest rates are near their peak and the end of Fed’s tightening campaign is close. ECB raises interest rates for the 8th consecutive time, by 25 bps to 3.5%, its highest to highest in 22 years, signals more increases.
Sectors to Watch: Auto ancillaries, Healthcare, Metals, Defense and selective Energy stocks likely to remain on focus during the day.
Nifty 50 Futures
Stocks to watch
Positive Read through
- TVS Motor has sold its entire stake in Emerald Haven Realty Limited for a consideration of Rs 166.83 crore.
- Wipro announced the opening of its new 5G-Def-i Innovation Center in Austin, Texas.
- BHEL and Volvo Eicher signed an MoU for taking up a Joint project for development and deployment of Type – IV Cylinders.
- Torrent Pharma has issued EIR for cos oral-oncology manufacturing facility at Bileshwarpura in Gujarat.
- Persistent Systems has launched its newly established private equity value creation hub in Texas.
- NLC India has incorporated a wholly owned subsidiary company NLC India Renewables to take over its existing renewable assets.
- PFC- has incorporated a SPV – Tirwa Transmission Limited – for development of construction of Tirwa substation with associated lines.
- Ramkrishna Forgings, Titagarh Wagons- JV receives the contract to manufacture and supply 15.4 lakh forged wheels over a span of 20 years.
- Natco Pharmaannounced successful closure of inspection and received EIR from the USFDA.
- Heranba Inds- receives seven CIB registration in May
- Parar Defence bags contract worth Rs 53 cr from DRDO
- RITES- bags contract from Zimbabwe Railways worth USD 81. Mn
- Samvardhana- SMRPBVs European arm acquires Cirma Ent for an EV of Euro 7.20 mn
Negative Read through
- TCS- Reports indicate Dutch Insurer arm Transamerica in USD 2 mn pact with Co
- Bharti Airtel- Nigeria Central Bank removes trading restriction on official market, currency weakens
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