Markets reacted to the Fed rate hike of 75 bps with the Nifty ending lower by 0.5% outperforming most global markets but USDINR surged to lifetime highs towards 81 on the back of the strong dollar.
The impact of rising in USDINR was felt in Bank Nifty which saw a decline of more than 1% but the broader market remained strong with both mid-cap and small-cap ending in positive terrain. For Nifty the view continues to remain positive
Nifty 50 chart
Stocks to watch
Positive Read through
- M&M is in talks to raise up to $500 mn for EV push, says the report.
- Tata steel announces merger with other group listed companies.
- Torrent group to make Rs 2,900-cr bid for Reliance Nippon Life Insurance.
- Exide’s Li-ion cell unit is likely to be ready in 2.5 yrs.
- Lupin launches generic Suprep Bowel Prep Kit in the United States.
- Singtel arm sells a 1.59% stake in Bharti Airtel for Rs 7,261 crore.
- Hero MotoCorp hikes motorcycle, and scooter prices by up to Rs 1,000.
- Whirlpool of India expects the washing machines market to grow in double digits in 2-3 yrs.
- Adani pledges a stake worth $13 billion in newly acquired ACC, Ambuja Cements.
- Can Fin Homes let Kousgi go on Oct 20, may ask the headhunter to find a successor.
Negative Read through
- SpiceJet will hike the salaries of senior pilots by 20% from October.
- IT stocks – Accenture forecasts revenue below estimates on IT spending cut, higher dollar.
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