Market Bizzz

The Antipodeans could face pressure if Chinese data disappoints. Elsewhere the dollar moves have been so large that a short-term breather may be in order. Sharp gains in the yen have slowed as traders weigh whether the ultra-dovish Bank of Japan is really likely to make any shifts at its policy meeting next week, given rhetoric suggests they are in no hurry.

Interest rate futures showed markets mostly priced in another rate hike from the Federal Open Market Committee (FOMC) at its July 25-26 meeting, with rate cuts seen in 2024. * Lower interest rates decrease the opportunity cost of holding non-yielding bullion. * However, Fed Governor Christopher Waller on Thursday said he was not ready to call an all-clear on inflation and favours rate hikes this year – the sentiment reflected in June’s FOMC minutes.

The Chinese economy is forecast to have grown just 0.5% in the second quarter, though the annual pace will be flattered by base effects at a predicted 7.3%. Retail sales, industrial output and urban investment are all expected to show slowing growth, which is why markets are counting on Beijing to unveil more stimulus measures soon.

​Going by the derivatives data, there is a high accumulation of the OI near 19800-19900 levels. Going by this data, one can expect the markets to find stiff resistance near that zone over the coming days even if the current uptrend is to extend itself.

“An investor who invested Rs 10,000 with us in 1985 would be worth Rs 300 crore today,” says Uday Kotak said. He believes that a virtuous cycle for India is on the cards, and the financial sector is in its Goldilocks period

“The performance of the three major large cap IT stocks that have reported earnings in the last two days — TCS, HCLTech, and Wipro — offers insights. There were no surprises or disappointments in their numbers, which met Street estimates.”

U.S. regulators last month sued the crypto exchange and its CEO Changpeng Zhao for allegedly operating a “web of deception.” Binance has said it would defend itself “vigorously.”

The dollar index edged 0.1% higher at 99.869, after touching a 15-month low of 99.574 earlier. The index was down 2.3% for the week, its biggest weekly decline in eight months.

HDFC Bank has approved continuation of 1,47,57,600 warrants issued by HDFC Ltd in the name of bank as successor on the same terms and conditions, it said.