Perspective on markets By Mr. Jaykrishna Gandhi, Emkay Global Financial Services
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below Perspective On Markets By Mr. Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services
It’s been an eventful and earnings-heavy week in Indian equities. Large cap earnings have been underwhelming so far. Zee/Sony legal dispute commences today at SIAC. Reliance market cap crossed Rs19tn on Monday on post facto reports indicating Russian Oil being largely unaffected by the Red Sea disruption. Indian Interim budget would be presented tomorrow. We don’t expect any big bang announcements, but is likely to be watched for clues on fiscal consolidation and policy priorities ahead.
On the international front, IMF raised global growth forecast to 3.1% for this year. Fed is expected to hold interest rates - but all eyes will be on guidance (to be released late today). US tech earnings kicked off with encouraging signs - Microsoft posted solid numbers as Azure cloud growth beats estimates. Apple to report Thursday afternoon.
FII flows were broadly negative following last weeks trail. Market should continue to be range bound on lacklustre earnings results. On technicals, 21500 to act as interim support levels. Any fall further should see support at 21200-21250 levels next. On the upside, 21800 would be first resistance level.”
Above views are of the author and not of the website kindly read disclaimer
