Market Bizzz

Brent crude futures were up $2.50, or 2.5%, to $101.60 a barrel by 11:39 a.m. EDT (1539 GMT) while West Texas Intermediate crude rose $2.38, or 2.5%, to $98.16.

The various participants such as agricultural commodity processors, traders, millers and aggregators hedge their commodity price risk by using agri-commodity derivative products available on recognised exchanges in India.Prices for farm products rise and fall due to changes in the supply or demand fundamentals, real or perceived, for that product.

Trading has emerged as a bright spot for Wall Street banks this quarter as clients look to rebalance their portfolios in the face of geopolitical tension, surging inflation and fears that aggressive Federal Reserve policy tightening could plunge the economy into a recession.

The letter shows the SEC has been tracking Musk’s statements on the blockbuster deal, increasing pressure on the Tesla Inc boss who has been locked in a feud with the SEC over his tweets about Tesla since 2018. The agency already has several open probes into Musk, according to court filings and media reports.

Stocks that were in focus include names like ACC which closed with a loss of less than 1 per cent ahead of June quarter results, TCS which hit a fresh 52-week low, and Godrej Consumer Products which registered a breakout on daily charts.

Jindal Steel & Power, LTTS, Oberoi Realty, Federal Bank, Just Dial, Den Networks, Kesoram Industries and Aditya Birla Money are among the company that will announce their quarterly earning for the quarter ended June 2022.

The moves put the ECB in a bind. It is expected to raise interest rates next week for the first time since 2011 to combat inflation running at a record high 8.6%. Currency weakness exacerbates that inflation problem. Yet the ECB cannot risk aggressive policy tightening for fear of sending economic growth into reverse.

Hence, we recommend investors wait at the current level and enter on dips around 900 and more at further dips of Rs 850 with a stop loss of Rs 790 on a closing basis. On the upside, we can see Rs 1,150-1,250 odd levels in the next 6 to 8 months.