ETMarkets’ Investors Guide: Is the worst in IT stocks over already?
Here’s what Axis’s Rajesh Palviya has to say on the top stock picks for the week
Overall shorts are coming out of the system, short-covering action is there in the market today, and we expect that upside momentum is likely to continue in the coming trading session. So, one should remain long with a stop loss, as mentioned, like 16,950 for Nifty and 38,400 for Bank Nifty.View: RBI strikes a right balance between growth and inflation
The rate hike was decided by a majority of 5 out of 6 members. The policy pegged India’s GDP growth at 7% during the financial year 2023 and maintained inflation at 6.7% for the same period. Going forward, RBI will remain resolute and continue with its efforts to ensure price stability as well as financial stability, while supporting growth.EMIs to pinch more, could hit consumption, loan demand
On Friday, RBI announced another 50 basis points increase in its benchmark repo rate, which is likely to be passed on by banks to individual borrowers just like it has been over the last five months. As a result, home, car and loans for personal consumption are set to get costlier. One basis point is 0.01 percentage point.Fiscal deficit for April-August at 32.6% of full-year estimate
The government’s fiscal deficit at the end of August was 32.6% of the full year estimate, in line with 31.1% deficit last year during the same period. In absolute terms the fiscal deficit for April-August was ₹5.41 lakh crore.Taking Stock | Market recovers after 7 days of losses even as RBI hikes repo rate; Nifty crosses 17,000
On BSE, all the sectoral indices ended in the green with Auto, Power, Capital Goods, Bank, Realty and Metal up 1-2 percent.Fed policymakers press ahead with inflation fight, even with markets in turmoil
While “no one knows for sure” if there is a big problem lurking in the financial sector right now, “so far, we haven’t seen the kind of market dysfunction, even through what’s happening in the global markets right now, we haven’t seen that in the U.S. markets,” Mester said.How a massive options trade by a JP Morgan fund can move markets
To minimize their own risk, they typically buy or sell stock futures, depending on the direction of the market’s move. Such trading related to dealer hedging has the potential to influence the broader market, especially if done in size, as is the case for the JPM trade.Apple’s ugly day wipes out $120 billion, spills over Big Tech
Apple has been treated as a haven for much of this year, outperforming fellow mega-caps and the broader tech gauge amid a steep selloff driven by recession fears. The world’s most valuable company with a market value of nearly $2.3 trillion has now fallen about 20% in 2022, compared to a 32% decline for the Nasdaq 100.Taking Stock | Market ends lower for seventh straight day amid volatility; all eyes on RBI policy
Broader indices outperformed the main indices with BSE Midcap and Smallcap indices up 0.3-0.6 percent each.