Market Bizzz

The dollar index rose 0.1% after hitting a seven-month low in the previous session. A stronger dollar makes oil, which is priced in the currency, more expensive for foreign buyers.

A consumer prices report due Thursday could be key for rate expectations, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. “The CPI report this week is going to be essential for fine-tuning the Fed funds futures market.”

The counter has witnessed a breakout of inverse head & shoulder on the weekly timeframe. But it has given a meaningful correction to retest the previous breakout level of Rs 108. Now it is starting the next leg of a rally towards Rs 65.

Investors have pinned their hopes on the U.S. central bank toning down its aggressive monetary tightening policy. Fed fund futures now imply around a 25% chance of a half-point hike in February, down from around 50% a month ago.

Energy futures for crude oil, refined products and natural gas have plummeted in the New Year as traders have reconsidered near-term worries over cold weather and fears of supply shortages and dumped contracts.

Lawrence McMillan is a professional trader and the founder and president of McMillan Analysis Corporation, a registered investment adviser and commodity trading adviser.

Noting that while the competitive intensity with respect to metal pricing continues, it recorded a sequential expansion in its gross margin, driven largely by the improvement in both studded share and share of revenue from non-south markets.

While inheriting positive global cues, the market may start positive for the week. The coming week is likely to see the levels of 18,040 and 18,290 acting as potential resistance points. The support will come in at 17,600 and 17,480 levels. The trading range may get a bit wider this week.

Axis Bank acted as arranger for 127 bond issues for an amount of Rs. 92,904.5 crore and ended the year 2022 with a market share of 19.2%