Market Bizzz

Overall it was a week where we saw a bit of consolidation and now we are forming a new range. For the last three, four sessions we have made bottoms around the 17150 to 17200 mark and recovered from those lows every time while 17500 is acting as a resistance.

“In India we are seeing a return of FII flows. We saw a positive number for July. August has been positive so far. From October 1, 2021, Indian market has lost about $33 billion in terms of FII outflows till June 30, 2022. Banking, auto and capital goods are among the 5 sectors that I am betting on now.”

RBI increased its benchmark repo rate for third time within four months on Friday as it reiterated its commitment to bring inflation down below its outer limit of 6%.The large investment losses overshadowed an otherwise solid performance with a loan growth of 15% driven by a 19% growth in retail loans and a 11% increase in corporate loans.

IRB Infrastructure Developers, in a statement, said its board has approved sale of Vadodara Kim hybrid annuity model(HAM) project in Gujarat for Rs 342 crore.

The digital payments platform’s revenue, however, shot up 88.5 per cent in Q1 to Rs 1,679.6 crore on a YoY basis.

“Q1FY23 has been yet another strong quarter with highest Q1 revenue and profitability in last 10 years,” said an earning statement from Raymond. During the quarter, it capitalised on market buoyancy and strong wedding demand, supported by expansive distribution helped propel sales.

SoftBank has been reliant on its large and liquid stake in e-commerce firm Alibaba Group Holding Ltd for financing. The group has now raised as much as $22 billion using the shares, the Financial Times estimated.

Nifty50 on Thursday settled almost flat, but snapped a six day winning run. The index ended up forming a small bearish candle on the daily chart, with a long lower wick. Analysts said the index turned sideways after the recent rally and expect it to find support around 17,200 level.

“The dollar weakened last week after the (policy setting) Federal Open Market Committee meeting because the market wanted to believe that the Fed was pivoting in a dovish manner because of slowing growth,” said Sim Moh Siong, currency strategist at Bank of Singapore.