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Blood bath in Nifty! is the trend reversing downwards?

Good Morning, Everyone, The Nifty has taken a break from its bull run as the bears took over the market yesterday after the news of Fin. minister's press conference and also worries over the rising treasury bond interest in the US which went to an all-time high of 1.8%.

Look at those long red candles after 1.30 pm, where both FIIs and DIIs sold in the market leading to a major blood bath and closing at 18113.

On the daily time frame, we can see a huge bearish candle which means, we can see the bears getting stronger.

The major support at the bottom stands at 17950-18000, which if broken, can lead to more major fall in the market and will have to turn bearish for the short term. Looking for guided assistance to invest right? Get free investment support and advice from MPI INVEST. Click here to know more.

Note that a long bearish candle formed at the top, which indicates strong negativity in the market.

The Nifty 50 Index is down 1.07% majorly led by MARUTI down 4.07%, TATA CONSUM down 3.94%, ULTRACEMCO down 3.81%. The top gainers were AXISBANK up 1.78%, ICICIBANK up 0.45%, HDFCBANK down 0.43%.

The Midcap Index was down 2.28% led by RAMCOCEM down 5.32%, BHEL down 4.6%, and GLENMARK down 4.3%. There were no gainers here.

The Smallcap index was down 2.4%, led by DBL down by 8.25%, ALOKINDS down 5.59%, FSL down 5.16%. The top gainers were TV18BRDCST up 1.74%, AMBER up 1.2%, JBCHEPHARM up 0.44%.

Global Markets:

Stocks fell to a new low for the year on Wall Street Tuesday as bond yields surged amid renewed jitters the Federal Reserve will lift interest rates to tackle the high inflation. S&P 500 fell 1.8 percent. The Dow Jones fell 1.5 percent, and the tech-heavy Nasdaq declined over 2.5 percent.

Asian shares were trading mixed Wednesday following a broad-based sell-off on Wall Street. MSCI's broadest index of Asia-Pacific shares ex Japan was down 0.14 percent. Shares in Japan declined 1.5 percent. Chinese blue chips fell over 0.12 percent. Hong Kong’s HSI rose over 0.3 percent. South Korea’s Kospi was up 0.2 percent. Elsewhere in Australia, stocks slumped nearly 0.4 percent.

Indian Market:

Trends on SGX Nifty indicate a cautious opening for the broader index in India with a loss of 1 point.

The rupee slumped 33 paise to close at two week low of 74.58 Tuesday, as elevated crude oil and a strong dollar continued to weigh on investor sentiments. Meanwhile, the dollar index rose 0.09 percent to 95.34.

The government is confident of exceeding its tax revenue target even as divestment receipts continue to languish and expenditure is higher than the budget estimates for the current fiscal.

The government is looking to hand over Air India to the Tata group by January end.

The country's telecommunications subscriber base grew marginally to 1.19 billion by the end of November 2021, with Reliance Jio and Bharti Airtel expanding their user base, according to TRAI data.

Private equity and venture capital funds invested $77 billion in Indian companies in 2021, a jump of 62 percent over the previous year, a report said on Tuesday. Going by a number of deals, there was a 37 per cent growth to 1,266 transactions, the report by industry lobby IVCA and consultancy EY said.

Results today

Bajaj Auto, ICICI Lombard General Insurance Company, Larsen & Toubro Infotech, JSW Energy, Aptech, CCL Products (India), Ceat, Chembond Chemicals, Continental Securities, DRC Systems India, Orient Green Power Company, JSW Ispat Special Products, Mastek, Nelco, Oracle Financial Services Software, Rallis India, Saregama India, Sterlite Technologies, Syngene International, Tata Communications, Tata Investment Corporation, Tejas Networks, Trident Texofab, and TT Limited.

Stock Specific News:

ICICI Prudential Life Insurance Company | The company reported a higher profit at Rs 310.62 crore in Q3FY22 against Rs 305.55 crore in Q3FY21 while net premium income rose to Rs 9,073.97 crore from Rs 8,970.84 crore YoY.

Bajaj Finance | Profit after tax for Q3FY22 increased by 85 percent to Rs 2,125 crore from Rs 1,146 crore in Q3FY21. Net interest income increased by 40 percent to Rs 6,000 crore as against Rs 4,296 crore YoY.

Hero MotoCorp | The company and two others will make more investments in Gogoro, Poema. With this, the oversubscribed Gogoro Poema Global PIPE increases to $285 million.

Alok Industries | The company reported a consolidated loss at Rs 0.09 crore in Q3FY22 against a loss of Rs 35.12 crore in Q3FY21. Its revenue jumped to Rs 2,129.60 crore from Rs 1,201.80 crore YoY.

L&T Technology Services | The company reported a sharply higher consolidated profit at Rs 249.6 crore in Q3FY22 against Rs 186.9 crore in Q3FY21. Revenue jumped to Rs 1,687.5 crore from Rs 1,400.7 crore YoY. The company bagged a $45 million Electric Vehicle deal from US Auto Tier 1.

DCM Shriram | The company reported a higher consolidated profit at Rs 349.79 crore in Q3FY22 against Rs 253.45 crore in Q3FY21. Revenue rose to Rs 2,790.78 crore from Rs 2,158.74 crore YoY.

Shalimar Paints | Hella Infra Market, the parent company of Infra.Market, will invest Rs 270 crore through a combination of equity and debentures in Shalimar Paints.

Tata Elxsi | The company reported a higher profit at Rs 150.95 crore in Q3FY22 against Rs 105.20 crore in Q3FY21. Revenue jumped to Rs 635.41 crore from Rs 477.09 crore YoY.

Raymond | The company's arm has signed a pact to redevelop the housing project in Mumbai. It sees the redevelopment project clocking sales of Rs 2,000 crore in 5 years.

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