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MM, TCS, HCL Technologies, Tech Mahindra and IndusInd Bank were among the top Nifty gainers. The big losers were Titan Company, Bajaj Finserv, Grasim Industries, Bajaj Auto and HDFC Life
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.
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%
“Today I would be comfortable with either a 50 or a 25 (basis point increase). If I start to hear signs that the labor market is starting to ease a bit in terms of its tightness then I might lean more into the 25 basis point position,” Bostic told broadcaster CNBC.
“There was a bit of a fear that this could be quite a blockbuster print in terms of job growth,” which was a risk due to seasonal adjustments that are common in December, said Mazen Issa, senior foreign exchange strategist at TD Securities in New York.