Markets violated the key support on Wednesday after Nifty closed below 17312 while USDINR cleared its psychological barrier of 76. The close below 17312 has also reactivated breakdown in Nifty Non IT Index which holds 82% weight within Nifty and projects downside potential of 28% in near term. With JPYINR clearly sustaining above 66.70, we expect any rebound in equity markets to remain unsustainable and expect aggressive FII selling to force Nifty 16% lower in the next few days. Resistance from hereon will be seen at 17312 and potential target 14600.
Policymakers at the United States Federal Reserve voted unanimously to leave interest rates unchanged at the end of their two-day meeting on Wednesday. The Fed will also continue to support the nation’s economic recovery by buying bonds at a clip of $120bn per month.
Nifty Weekly & Nifty Non IT Index
Stocks in news
PGCIL board approves interim dividend of Rs 7 per Rs 10 share for 2021-22
Drug major Cipla to acquire 33% stake in Clean Max Auriga Power
Reebok deal price, growth potential positive for Aditya Birla Fashion
Infosys subsidiary to acquire Singtel’s Malaysia delivery centre
TVS Motor, BMW Motorrad join hands for EVs; first product in 24 months
ICICI Prudential signs United Nations Principles of Responsible Investing
Ola delivers S1 scooters to its first 100 customers in Chennai, Bengaluru
Reliance eyes first oil cargo from UAE trade arm in Dec
Jio, WhatsApp signal a deeper embrace in online retail and digital payments
JSPL to bid ‘aggressively’ for debt-laden steel maker NINL next week
SpiceJet settles disputes with Canadian plane maker De Havilland
NTPC awards India’s first green hydrogen-based microgrid project
Tata puts key focus on beauty business as startups blaze the trail
Tata Group in talks with Taiwan companies to make chips in India
Medplus’ Rs 1,398 crore IPO subscribed 52.6x on strong QIB interest
SBI MF’s Rs 7,000-cr IPO likely in Q1FY23; eyes valuations of Rs 70,000 cr
Burger King India plans to raise Rs 1,500 crore via securities
Industries & Sectors
Distributors write to FMCG companies for the second time on price parity
Govt approves Rs 76,000-cr plan for semiconductor, display manufacturing
Govt expects Rs 1.7 trn investments in 4 years under semiconductor scheme
India’s sugar exports in a sweet spot despite WTO subsidy ruling
Govt exploring public financing for road infra projects. Total length of national highways up at 140,937 km till Nov-end – Gadkari
Domestic steel prices to soften 10-15% in 2022 – S&P Global Platts
ICRA cuts growth forecast for passenger vehicle industry to 8-11% for FY22
Scheduled payment banks, SFBs to do government agency business – RBI
Micro-loan disbursement up 154.5% QoQ to to Rs 64,899 cr in Sept – MFIN
Economy & Policy
India’s exports rose 44% to $16.46 billion during Dec 1-14
Indian economy recovering well, but Omicron poses a risk – RBI
Govt approves implementation of PMKSY for 2021-26 to benefit 2.2 mn farmers, with an outlay of Rs.93,068 cr
Meeting FY22 fiscal deficit target hinges on disinvestment proceeds
India’s GDP to grow 8.2% in FY23, RBI to hike rates by 100 bps – BofA
WPI inflation hits record high of 14.23%, raises retail inflation fears, the highest WPI rate in 2011-12 series with WPI inflation remaining in double digits for 8th month in a row
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