Daily News Analysis 1) Indian Benchmark Indices extend loss | Motilal Oswal - Official📈💸

Daily News Analysis

1) Indian Benchmark Indices extend losses
- The Indian Benchmark on the last day of the week, remained fairly in the bear zone assisted by the FED's rising recession commentary and weakness in the global market. The NIFTY50 Index plunged more than 150 points to end at 18,269, whereas the BSE SENSEX index declined more than 450 points to end below the 62K mark at 61,338. Amongst the sectoral indices, NIFTY PSU BANK performed the worst, declining by more than 2% throughout the day, while NIFTY Oil and Gas stayed atop as the less losing sector, declining only 0.48% in the day.

2) Nykaa shares declined by 1.35% as Kravis Investment Partners sold shares worth Rs 629 crores
- Shares of e-commerce company - Nykaa declined by 1.35% after Kravis Investment Partners offloaded 3.67 crore shares of the company at a worth of Rs 629 crores. The shares were sold in a bulk deal on Thursday, in 5 tranches at a price of Rs 171 apiece, as per data from the BSE. Shares of Nykaa closed at 168.50 a piece on Friday.

3) Indian rupee declines on the back of dollar demand for oil
- The Indian Rupee continued to decline straight for the 2nd week, on the account of dollar demand for oil and other imports. The rupee plunged 11 paise to end at 82.87 per US Dollar. The downturn in the rupee is seen mostly due to the FED's commentary on rising inflation which may lead to recession, and even the European Central Bank's increase in the rate hikes. The rupee forward premiums however rose this week, carrying the upside momentum from last week when the Reserve Bank of India likely conducted sell/buy swaps. The 1-year USD/INR implied yield rose 16 bps this week to near 2%.