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The dollar tumbled overnight after the release, and recorded its worst day against the Japanese yen since 2016, having fallen 3.7%. It has since clawed back some of those losses and last rose 0.53% to 141.69 yen.
LIC, M&M, Hindalco, Adani Power, ABB, Info Edge, Zydus Lifesciences, Astral, Alkem Industries, Vedant Fashions, Thermax, Delhivery, BHEL and ZEEL are among the companies that will announce their results for September 2022 quarter today.
The world’s most valuable company added $190.9 billion in market value, the most ever by a US-listed company, as softer-than-expected inflation data buoyed equity markets across the board. The jump eclipsed Amazon.com Inc.’s $190.8 billion gain in February, according to data compiled by Bloomberg.
All sectors ended in the red, with Nifty auto and PSU Banks falling 1-2 percent, while pharma, metal, energy, infra and FMCG were down 0.5 percent each.
The futures market currently shows investors believe the target U.S. federal funds rate will peak around 5.1% by next June, and the chances of a rise of 50 or 75 basis points are tilted in favour of a half-point increase nex month.
Musk, said Ives, needs to end “Twitter overhang on the Tesla story with his focus back on the golden child Tesla which needs his time more than ever given the soft macro, production/delivery issues in China, and EV competition increasing from all corners of the globe.”
Motilal Oswal has the most bullish view and expects the stock to hit ₹325, translating into a further 21.2% upside from the current price. “Strong results; consensus continues to upgrade,” the firm said in a client note. “Renewables continue to be unreliable with problems either related to availability, costs, storage or safety. As a result, dependence on coal is likely to increase in the near term whether investors prefer the same or not.”
The BSE midcap index shed 0.5 percent while smallcap index was down 0.3 percent.
A split Congress would diminish the outlook for fiscal support measures, leading to investors to expect the Fed to sooner become less aggressive in raising interest rates, strategists at Saxo Markets wrote. They added that such an outcome could spark an equities rally and would likely put downward pressure on the dollar.
Early midterm-election results showed several Republican senators had easily won re-election. Investors expect Republican gains, and some analysts view likely Congressional gridlock as a slight negative for the dollar if it limits fiscal spending.