Tapan Patel, Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by more than 2% to $88.56 per barrel on Monday. Crude Oil prices traded lower on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand. Oil prices also witnessed selling on reports suggesting that Iran and Western countries were close to striking a deal that would lift sanctions on crude supply from the West Asian nation.
We expect crude oil prices to trade sideways to down with resistance at $91 per barrel with support at $85 per barrel. MCX Crude oil September contract has important support at Rs. 6980 and resistance at Rs. 7230 per barrel.
#NewsFlash | #Revenue Secretary Tarun Bajaj gets additional charge of Corporate Affairs Secretary pic.twitter.com/1EecIHRIDN— CNBC-TV18 (@CNBCTV18Live) August 22, 2022
Markets on a downhill drive: Key factors behind the slump
Analysts said recent comments by central bank officials, combined with the release of the minutes from the Fed’s July meeting, put the possibility of continued aggressive rate increases back in focus
Market at 2 PMBenchmark indices were trading at day’s low with Sesnex down over 700 points.The Sensex was down 712.64 points or 1.19% at 58933.51, and the Nifty was down 222.70 points or 1.25% at 17535.80. About 1146 shares have advanced, 2114 shares declined, and 138 shares are unchanged.
Aurionpro wins order from one of the largest public sector banks in India
Aurionpro Solutions is pleased to announce an order win from one of the largest public sector banks in India. The order, which expands the scope of our current engagement with the bank, is for providing 24*7 support monitoring services for the Murex Treasury Platform at the Bank.
Aurionpro Solutions was quoting at Rs 329, up Rs 5.70, or 1.76 percent on the BSE.
BSE Capital Goods index shed 1 percent dragged by the BHEL, Finolex Cables, Polycab India
Euro drops back below parity against dollar, reported CNBC-TV18
RBL Bank, IndusInd Bank hike lending rate across tenures
RBL Bank hiked lending rates by 10-15 bps across tenures and IndusInd Bank hiked lending rate by 10-20 bps across tenures, reported CNBC-TV18.
RBL Bank was quoting at Rs 97.40, down Rs 2.45, or 2.45 percent and IndusInd Bank was quoting at Rs 1,051.00, down Rs 11.85, or 1.11 percent on the BSE.
Nomura View On KEC International
Broking house Nomura has kept buy call on KEC International with a target at Rs 566 per share.
The EBITDA margin to improve H2FY23 onwards. The strong tender pipeline drives order inflows growth.
The margin normalisation is going to further strengthens EPS.
Expect profitability to improve in H2FY23 on lower commodity prices and completion of legacy loss-making Brazil projects will aid earnings, reported CNBC-TV18.
ICICI Bank was quoting at Rs 850.50, down Rs 19.85, or 2.28 percent on the BSE.