Markets for the week ended with losses of 1% after US Fed hiked key rates by 75 bps thus forcing global indices to plunge by 3-4% across including commodity prices. Despite bearish sentiments, the Indian markets have seen significant outperformance against the Nasdaq and Dax Index with Sensex outperforming by a margin of 24%. In the short-term, the price setup in Sensex after the recent decline resembles to correction phase of 2018, which was followed with significant gains in the coming months.
For Nifty, key levels to watch would be 17432, above which we expect bullish momentum to resume. The current decline has landed key indices near 50-DMA which generally marks minor degree bottoms during an uptrend.
Futures in the Asia-Pacific were pointing to a lower open on Monday as negative sentiment continues to weigh in on markets. The Reserve Bank of India’s monetary policy committee is scheduled to meet later this week, and China is expected to release data on factory activity at the end of the week.
Sensex
Stocks To Watch
Positive Read through
- Campus Activewear announces the approval of merger of its wholly-owned subsidiary with State-run Peers
- Tata Power to set up 4-5 substations in Mumbai high-rises
- Nestle plans to invest Rs 5,000 crore in India by 2025, says CEO Mark Schneider
- Britannia Industries Names Kohli as Chief Executive Officer
- BHEL- Coal India in Accord With Bhel, Ioc, Gail for Syngas Projects
- Glenmark Pharma- Bausch Health & Glenmark Report Approval of Ryaltris® in Canada
- Infibeam Avenues Approves consolidation of international business
- Reliance Industries Says Reliance New Energy Ltd. to invest in Caelux
- Suzlon Energy Approves rights issue in the ratio of five shares for 21 held
Negative Read through
- ONGC, OIL- Crude oil prices slip to 8-month lows, Brent around USD 86 a bbl
- PI Inds- Promoter sells 10 lakh share, global and domestic funds are buyers
- SpiceJet- NCLT directs Co to respond to insolvency pleas within 2 weeks
- Sterlite Tech- Mihir Modi to resign as CFO effective October 14
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